Wednesday, April 7, 2010 as of 11:14 AM ET
A universal bank participates in many kinds of banking activities and is both a commercial bank and an investment bank.
Read More at Wikipedia ›Malaysian lender CIMB Group Holdings Bhd (1023.
KU) Tuesday said it has signed an agreement to buy a 60% stake in privately held Bank of Commerce for MYR881 million ($288.4 million) in cash, a deal that will give the Malaysian bank a foothold in the fast-growing Philippine market.It will buy the stake from San Miguel Corp. (SMC.PH), a diversified Philippine conglomerate and other Bank of Commerce shareholders, CIMB, Malaysia' second largest lender by asset size, said in a statement.The stake purchase price represents PHP181.25 for every share held in Bank of Commerce, CIMB said."As an Asean universal bank, this extension into the Philippines is a very natural one. I believe we are entering this market at the right time, with the right deal and right partner," CIMB Group Chief Executive Nazir Razak said in the statement.Copyright © 2012 Dow Jones Newswires...By Steve Slater and Kate HoltonLONDON, Sept 7 (Reuters) - Change swept through the top ofBritain's banks on Tuesday as Barclays said its investmentbanking supremo Bo...
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