BOC finally sold to CIMB for US$279m

58% of BOC is now CIMB-owned.

San Miguel Corporation has finalized a deal with Malaysia's CIMB Group Holdings Bhd on the sale of a majority stake in Bank of Commerce.

San Miguel signed a memorandum of agreement last year to sell 58% of BOC to CIMB for US$279 million.

The deal will allow CIMB, Malaysia's second-largest lender, to enter the Philippine banking industry and San Miguel to raise money for expansion. CIMB said the bank's addition to its portfolio would strengthen its position in the region.

The transaction might be closed within 30 days in accordance with the terms and conditions agreed upon before.

BOC is the Philippines' 16th largest bank in terms of assets. It operates 122 branches and 300 automated teller machines across the country.

CIMB has about US$98 billion in assets, more than the combined assets of the top three Philippine banks.