KUALA LUMPUR, March 1 (Reuters) - Malaysia’s CIMB Group Holdings Bhd is in exclusive talks with Royal Bank of Scotland to acquire some of its Asia Pacific cash equities, equity capital markets and corporate finance businesses.
“The Memorandum of Understanding provides for the parties to negotiate exclusively with each other and finalise the scope and terms of a sale and purchase agreement,” CIMB said in a statement on Thursday. It said it would make further announcements on this proposed transaction.
The proposed acquisition is part of CIMB’s plans to expand outside its home market and emerge as a dominant financial services group across Southeast Asia.
RBS has been selling some of its businesses as part of its attempts to scale down its non-core units on its road to recovery from the 2008 financial crisis. (Reporting by Anshuman Daga; Editing by Niluksi Koswanage)