CIMB THAI TO SELL OFFICE BLOCK FOR US$30 MILLION

KUALA LUMPUR, Oct 21 (Bernama) -- CIMB Thai Bank plc, a 94 per cent
subsidiary of the CIMB Group Holdings Bhd, Malaysia's second largest financial
services provider, is selling its office block in Sathorn, Bangkok for one
billion Thai Baht (about US$30 million), as part of its rationalisation plan to
increase efficiency and reduce costs.

The sale is expected to be completed by December, it said in a statement
here Wednesday.

"Currently we are operating with excess space, as the bank's office
operations in Bangkok are spread between its buildings in Sathorn and Langsuan.

"By early next year, we will all be operating from one site at Langsuan
building," said CIMB Thai president and chief executive officer, Subhak
Siwaraksa.

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

The sale is in line with the bank's policy of remaining asset-light and to
use its capital more effectively.

"As a banking and financial services provider, CIMB Thai should use its
balance sheet to generate more lending and income, instead of weighing it down
with property assets," Siwaraksa said.

CIMB Thai, a commercial bank with 147 branches in Thailand, offers a wide
range of financial products like stockbroking and corporate advisory, mutual
funds, wealth management and insurance.

As of end June this year, its total assets and shareholders' funds stood at
134 billion Thai Baht and 7.1 billion Thai Baht respectively. (US$1=33.41 Thai
Baht)
-- BERNAMA