News Regional30 Jan 2019

Malaysia:CIMB pulls out of broking unit

| 30 Jan 2019

CIMB Group Holdings has sold its remaining 51% equity interest in insurance broker CIMB Howden Insurance Brokers (CHIB) to its partner HBG Malaysia (Howden) for MYR59.6m ($14.5m).

CIG, a wholly-owned indirect subsidiary of CIMB Group Holdings, entered into a share purchase agreement on 23 January 2019 with HBG Asia Holdings and Howden to divest 510,000 shares in the broking firm, representing CIG’s entire stake of 51% of the issued capital of CHIB. Approval from Bank Negara Malaysia in relation to the divestment was received by Howden on 27 November 2018.

CIMB said the proposed divestment is in line with the group's aspirations to further streamline and focus on its core banking businesses.

On 7 January 2015, CIMB disposed of 490,000 shares or a 49% stake in CHIB, then known as CIMB Insurance Brokers, to HBG Asia for MYR33.32m cash.


 


 

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