CIMB Bank Acquires 16 Properties from EPF in RM210 Million Deal
KUALA LUMPUR: In a significant move, CIMB Group Holdings Bhd's wholly owned subsidiary, CIMB Bank Bhd, has entered into an agreement to purchase 16 properties from the Employees Provident Fund (EPF) for a total cash consideration of RM209.81 million. This strategic acquisition is expected to enhance CIMB Bank's assets and investment portfolio, providing a boost to its financial growth. The deal is also seen as a positive move for the property market in Malaysia, with major financial institutions like CIMB Bank investing heavily in real estate. With the Malaysian property sector experiencing a resurgence, this acquisition is likely to have a positive impact on the market. The purchase is subject to the terms and conditions of the agreement, as disclosed in a Bursa Malaysia filing. This move is part of CIMB Bank's efforts to expand its investment portfolio and increase its assets, in line with its business strategy. The bank's decision to acquire these properties from EPF is a testament to its commitment to investing in the Malaysian market, with a focus on commercial and residential properties. As the Malaysian economy continues to grow, major banks like CIMB Bank are poised to play a significant role in shaping the country's financial landscape, including the property sector, which is expected to see significant growth in the coming years, driven by key trends such as digital transformation and sustainable investing.