KUALA LUMPUR: CIMB Group Holdings Bhd is selling off its insurance unit, as it seeks to focus on its banking operations.
In its filing to Bursa Malaysia today, CIMB said it had signed a sale and purchase agreement with HBG Asia Holdings Limited and HBG Malaysia Sdn Bhd to sell its entire 51 per cent stake in CIMB Howden Insurance Brokers Sdn Bhd for RM59.6 million.
CIMB Group said it obtained Bank Negara's approval to sell off its stake in CIMB Howden on November 27, 2018.