Friday, October 29

Local, foreign investors take up CIMB’S 4.56 per cent stake sold by MUFG


KUALA LUMPUR: Mitsubishi UFJ Financial Group’s (MUFG) 4.56 per cent stake in CIMB Group Holdings Bhd have been taken up by both local and foreign institution investors, says CIMB Group chief executive Tengku Datuk Seri Zafrul Aziz  Tengku Abdul Aziz.

“It’s already done. It was launched two weeks ago and institutional shareholders bought the shares…..taken mainly from foreign investors,” he told reporters on the sidelines of the Khazanah Megatrends Forum 2017 yesterday.

Zafrul, however, declined to disclose details of the foreign investors.

Last month, MUFG sold its entire 412 million or 4.56 per cent stake in CIMB Group, reportedly for RM2.56 billion, as part of its strategic global master plan, which included a review of its portfolio of existing investment in affiliates.

Commenting on Bank Negara Malaysia’s recent announcement on the implementation of the net stable funding ratio (NSFR), he said the group was ready for the new regulation.

“Every country has its own timeline and we, as a group, will follow our home country’s regulator.

“I think all the banks are ready,” he added.

NSFR, which will be implemented no earlier than Jan 1, 2019, is a an international measure that promotes longer-term resilience of the banking sector. — Bernama