trending Market Intelligence /marketintelligence/en/news-insights/trending/qj8q2r71myd1gbuvojrccw2 content esgSubNav
In This List

CIMB Group cuts stake in 2 asset management JVs

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


CIMB Group cuts stake in 2 asset management JVs

CIMB Group Holdings Bhd. completed the sale of part of its stake in two joint ventures to U.S.-based partner Principal Financial Group Inc.

The company said May 25 that it off-loaded a 10% stake in CIMB-Principal Islamic Asset Management Sdn. Bhd. and a 20% stake in CIMB-Principal Asset Management Bhd.

The company expects to gain around 920 million ringgit and a 15-basis-point increase in its common equity Tier 1 ratio from the stake sales.

Following the sales, Principal Financial raises its stake to 60% in CIMB-Principal Asset Management and CIMB-Principal Islamic Asset Management, with CIMB Group retaining 40% stakes in the ventures. The companies will continue to co-manage the ventures.

As of May 24, US$1 was equivalent to 3.98 Malaysian ringgit.