CIMB-BCB merger exercise to be completed by next Jan

http://biz.thestar.com.my/news/story.asp?file=/2005/9/11/business/12011079&sec=business

Sunday September 11, 2005


CIMB-BCB merger exercise to be completed by next Jan

By Loong Tse Min

KUALA LUMPUR: The merger exercise between CIMB Bhd and Bumiputra-Commerce
Bank (BCB) is expected to be completed by January next year, said CIMB Bhd
chief executive officer Datuk Nazir Razak (pic).

Yesterday, CIMB Bhd obtained shareholders' approval for the merger exercise
at an EGM held here.

?With this approval, we have a greater certainty that the deal will be
completed. The restructuring exercise is expected to be completed by the
end of the year or at the latest in the first few weeks of January 2006,?
he told reporters following the EGM.


?And that will complete the de-listing of CIMB. I was a bit reflective with
shareholders just now, mentioning that we have brought about 330% in total
shareholder return in the three years it was listed. But the competitive
environment is changing and right now we have to compete with a much bigger
armoury.

?As an analogy, we have to move on from what we are now, perhaps an agile
battleship, to an aircraft carrier ? a bit slower, but with much more
firepower,? he added.

Resolutions passed by CIMB shareholders at the EGM include: the proposed
acquisition by CIMB Group Sdn Bhd (CIMB Group) of all the assets and
liabilities of CIMB Bhd, the proposed acquisition by CIMB Group of
2,063,920,111 ordinary RM1 shares in BCB held by Commerce Asset-Holding Bhd
(CAHB) representing 99.998% of the issued and paid-up capital of BCB, and
the proposed disposal by CIMB Bhd of all shares held in CIMB Group after
the completion of the takeover exercise to CAHB.

?Treasury and corporate investment banking will actually be physically
integrated this month. The business and retail banking will actually take a
bit longer (to be integrated), possibly in the range of three years,? said
Nazir.

On the matter of the retirement of three top executives at BCB, he said:
?This refers to a copy of an internal memo obtained by the press, thanking
three individuals in the organisation for their services.

?I can confirm that this indeed did take place. (Executive vice-president)
Nik Hassan Nik Amin retired at the end of July, while (senior executive
vice-presidents) Zakaria Merican and Rosnah Kamarulzaman left at the end of
August.?

On the matter of succession, he said: ?The vacancies are something very
much to be considered in the future. We have announced an interim
management team.

?The important thing is that there will be no change in the leadership
within that interim management team.?
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