Bank of Commerce chairman Jose Pardo was quoted by Reuters as saying that the deal will happen shortly after obtaining the approval of the central bank.
"I presume if they (CIMB) take 60 percent, they will have about eight board seats," Pardo said.
Pardo also said San Miguel Properties and San Miguel Retirement Fund, which hold nearly 76% of Bank of Commerce, were in talks with CIMB about the deal.
The bank said that with the completion of the proposed acquisition, it would be the first foray by the Malaysian bank in the Philippines.
San Miguel said that the deal is a part of its strategy to concentrate on its new ventures including power, mining, telecoms, infrastructure and airlines.
CIMB, Malaysia’s second-biggest bank, has about $98bn (P4.12 trillion) in assets and is larger than the combined resources of the three major Philippine banks.
