Malaysia's CIMB Group to sell stake in China's Bank of Yingkou

CIMB. Photo: Bloomberg

Malaysian bank CIMB Group Holdings Bhd has agreed to sell its 18.21 percent stake in China’s Bank of Yingkou Co Ltd to investment holding company Shanghai Guozhijie Investment Development Co. Ltd.

The stake is valued at 972 million ringgit ($216.75 million), according to a statement from CIMBGroup, Malaysia’s second-largest lender by assets. The all-cash deal is subject to regulatory approvals and is expected to be completed in 2017.

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