Business

Thursday October 22, 2009

CIMB Thai Bank sells Bangkok office block


PETALING JAYA: CIMB Thai Bank plc has agreed to sell its office block in Sathorn Bangkok for 1 billion baht (RM101mil).

CIMB Thai president and chief executive officer Subhak Siwaraksa said the sale was part of the bank’s rationalisation exercise to improve efficiency and reduce cost.

“By early next year, we will only be operating from our Langsuan building,” he said in a statement yesterday.

Subhak said the sale was also in line with CIMB Group policy to remain asset light and to use its capital more effectively,” he said.

The Sathorn building consists of a 26-storey tower block with another a three-storey building and a land area of 2,706 sq m.

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