CIMB Thai Bank Public Co Ltd, 94 per cent owned by the CIMB group, has agreed to sell its office block in Sathorn, Bangkok, for some 1 billion baht (RM109.6 million).
The sale is expected to be completed in December.
The board of directors of CIMB Thai approved the Sathorn Building sale earlier this month, after an extensive bidding process that attracted 20 interested buyers.
“This sale forms part of the bank’s rationalisation exercise to improve efficiency and reduce costs,” said CIMB Thai president and CEO Subhak Siwaraksa in a statement yesterday.