Cimb Bank to Acquire Properties from Epf for Rm209.81mil

CIMB Bank, based in Malaysia, is set to acquire 16 properties from the Employees Provident Fund (EPF) Board for RM209.81 million in cash. This move comes ahead of the lease expiry for these properties on June 30, 2025. CIMB Group Holdings Bhd announced the agreement with EPF, a major shareholder, involving properties currently used for CIMB Bank's banking operations. With the signing of the sales and purchase agreements on April 30, 2025, CIMB Bank terminated its lease agreement with the EPF. The remaining eight properties will be repurchased at a pre-determined price if EPF cannot sell them to third parties. This obligation aligns with the original lease agreement terms. The properties were part of a sale and leaseback transaction between EPF and CIMB Bank in 2009. Retaining the repurchased properties will support CIMB Bank's ongoing banking business. The transaction is expected to provide a favorable profit and loss uplift in 2025 for the Malaysian bank.