CIMB's listing on Bangkok deferred to 2011

CIMB Thai unit sees return to profit in first nine months after posting $1.36mln loss.

Malaysia's CIMB Group Holdings Bhd has postponed a plan to list on the Thai bourse to 2011 from the fourth quarter of this year, the head of its Thai unit, CIMB Thai Bank Pcl, said on Wednesday.

"At this point, I don't think they will be able to do the IPO this year," Subhak Siwaraksa told reporters.

Subhak gave no reason for the delay.

He said CIMB Thai expected to return to a net profit in the first nine months of 2010 after posting a 40.6 million baht ($1.36 million) loss a year earlier.

"Although we won't be having any extra item in the third quarter, we already have over 700 million baht in net profit for the first half of this year," he said

CIMB Thai Bank, 93.15 percent owned by Malaysia's number two lender, CIMB Group Holdings, swung back to net profit in the second quarter, posting 365.8 million baht ($12 million) thanks to gains from the disposal of two of its subsidiaries.

View the full story in Reuters.