Philippine conglomerate San Miguel Corp is close to a deal to sell 60 percent of its banking unit to Malaysia’s second largest lender CIMB Group, with the two agreeing on a final price, the chairperson of Bank of Commerce said today.

“I think it’s nearing completion, it’s almost there,” Jose Pardo told Reuters. “It looks like they have agreed (on a price) already, but it hasn’t been presented to the board yet.”

“I hope in March at least we can put closure to the negotiations, it would do well for the institution. From what I hear, they want the maximum allowed, which is 60 percent.”

CIMB had said in October it was in early talks to acquire a stake in Bank of Commerce from San Miguel group.

- Reuters