CIMB in talks to sell stake in brokerage business for US$200m: sources

Hong Kong

CIMB Group Holdings Bhd, Malaysia's second-biggest lender, is in talks to sell a stake in its brokerage business to China Galaxy Securities Co for about US$200 million, people with knowledge of the matter said.

CIMB is in negotiations to sell a minority stake in its Malaysian securities unit and as much as 50 per cent of its overseas brokerage business to Galaxy Securities, according to the people. The Kuala Lumpur-based bank aims to reach a deal by the end of March, they said, asking not to be identified as the information is private.