Moody's affirms International Merchant Bankers

Moody's Investors Service said it affirmed the Ba1/Baa3/P-3 subordinated-debt/long-term/short-term deposit ratings and D- bank financial strength rating of Commerce International Merchant Bankers Bhd. The outlook is stable.

Moody's said this action follows the recent announcement of CIMB Bhd's proposed acquisition of the stock broking business of Singapore's G.K. Goh Holdings Ltd.

In Moody's view, the transaction is unlikely to significantly impact the bank's financial condition in the short term, given the intended mode of financing and time needed to realize synergies between the two entities.

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