KUALA LUMPUR (Dow Jones)--Malaysian lender CIMB Group Holdings Bhd. (1023.KU) said Tuesday it has signed an agreement to buy a 60% stake in the Philippine's Bank of Commerce for MYR881 million ($288.4 million) in cash, which would give the Malaysian bank a foothold in the fast-growing Philippine market.

The deal to buy the majority stake in the privately held Philippine lender comes a month after CIMB acquired part of Royal Bank of Scotland Group PLC's (RBS.LN) cash equities and associated investment banking businesses in the region as part of its plan to become a pan-Asian bank, and Malaysia's second-largest lender by assets is also in talks with RBS to acquire its 50% stake in Australia-based RBS Morgans.

CIMB Group Chief Executive Nazir Razak said CIMB has always been interested in buying a stake in RBS Morgans to boost its presence in Australia. RBS Morgans' management owns the other 50% of the brokerage, which provides equities research, corporate finance and wealth and portfolio management services.

Razak said the bank is "currently negotiating" with RBS for the stake, but declined to disclose financial details.

RBS Morgans was excluded from the GBP88.4 million deal that CIMB and RBS signed earlier this year under which CIMB is set to acquire RBS's cash equities and associated investment banking businesses in Australia, China, Hong Kong, India, Indonesia, Malaysia, Singapore, Thailand and Taiwan.

CIMB and its larger domestic rival, Malayan Banking Bhd. (1155.KU), have been acquiring regional assets in recent years to facilitate their plan to expand overseas. Last year, Maybank, Malaysia's largest lender by assets, acquired Singapore brokerage firm Kim Eng Holdings Ltd. for US$1.4 billion.

Nazir said CIMB is buying Bank of Commerce shares from San Miguel Properties Inc., San Miguel Corporation Retirement Plan and Q-Tech Alliance Holdings Inc, which collectively own 98.5% of the bank. After the stake purchase, San Miguel Corp. Retirement Plan will remain the largest minority shareholder in Bank of Commerce with a 27% stake.

"As an Asean universal bank, this extension into the Philippines is a very natural one. I believe we are entering this market at the right time, with the right deal and right partner," CIMB Group Chief Executive Nazir Razak said in the statement.

Nazir also said CIMB expects to complete the acquisition by the end of third quarter and expects the deal to be earnings accretive from 2013.

-By Ankur Relia, Dow Jones Newswires; 603-2026-1233; ankur.relia@dowjones.com