As part of the transaction, CIMB will pay GBP88.4m ($142m) to RBS for the operations and infuse another GBP85.5m into the business.
CIMB chief executive officer Nazir Razak said this is an excellent opportunity to complete the build-up of our capabilities in Asia-Pacific markets, and to do it quicker and less expensively than if we grew organically.
RBS Group finance director Bruce Van Saun said that the UK based bank is pleased to reach agreement with CIMB on the transfer of these businesses over the course of 2012.
"With this transaction we have now completed the sales process for various elements of the businesses we designated for exit in January," Saun added.
The acquisition will provide new heights to CIMB in Taiwan and Australia as well as strengthen its operations in Hong Kong, India and China, said the bank.
The Malaysian bank added that it will retain between 350 to 400 staff under Matthew Kirkby, currently head of global banking for Asia- Pacific at RBS.
Recently, RBS said that as part of changes to the bank’s wholesale banking operations, it will exit its cash equities, corporate broking, equity capital markets, and mergers and acquisitions businesses.
