After two days of market rumour, CIMB finally announced yesterday January 13 that it is to buy G.K. Goh's stock broking businesses for S$239.14 million $146 million.
The deal will see CIMB buy the firm's stock broking operations in Singapore, Indonesia, the UK and the US, as well as the research businesses of G.K. Goh Holdings in Singapore and Malaysia. The deal will add further distance between CIMB and rival Southeast Asian investment banks in terms of size, scope and geographic diversity. The deal will allow CIMB to grow to around US$1.3 billion in market cap, three times larger than UOB Kay Hian and Kim Eng, the next...
