CIMB Still in Talks to Buy San Miguel’s Philippine Bank Stake

CIMB Group Holdings Bhd., Malaysia’s second-biggest lender, said it’s proceeding with discussions to acquire a stake in the Philippines’ Bank of Commerce even after seller San Miguel Corp. signaled the deal may be scrapped.

Negotiations are in the “final stages” and a decision should be made within a month, Nazir Razak, CIMB’s chief executive officer, told reporters in Kuala Lumpur today. “Everything is going smoothly.”