MANILA: Japan's Mizuho Financial Group Inc is in talks to buy Philippine conglomerate San Miguel Corp's stake of around 60 percent in unlisted Bank of Commerce, a source with knowledge of the negotiations said on Wednesday.
Mizuho, Japan's second-largest lender by assets, is part of a shortlist of possible investors in the Philippine bank that also includes private equity investment firm TPG, said the source who asked for anonymity as he does not have the authority to speak on the matter.
The Wall Street Journal reported the stake up for sale in Bank of Commerce had a value of more than $500 million.
In 2013, San Miguel nearly sold a 58 percent stake in Bank of Commerce for nearly $300 million to Malaysia's second-largest lender CIMB Group Holdings Bhd before CIMB walked away from the deal.
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