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August 20, 2018 -Monday

 
  BNM'S APPROVAL COMPLETES FINAL PIECE FOR CIMB-CHINA GALAXY STOCKBROKING JV

Friday 10/08/2018



Shared expertise and digital innovation will raise the game in Malaysia's stockbroking industry

KUALA LUMPUR, Aug 10 (Bernama) -- CIMB Group ("CIMB" or "the Group") has received Bank Negara Malaysia's (BNM) approval to incorporate a Malaysia-based Joint Venture company (“Malaysia JVCo”) as the holding company of Jupiter Securities Sdn Bhd (“Jupiter Securities”), the platform that will be used for the Malaysia stockbroking business of CIMB and China Galaxy Securities Co. Ltd ("China Galaxy" or “CGS”). 

CIMB and China Galaxy will own a 50:50 stake in Malaysia JVCo, through their respective wholly-owned subsidiaries CIMB Group Sdn Bhd and China Galaxy International Financial Holdings Limited. CIMB Group’s Malaysia stockbroking business comprises institutional and retail brokerage, share margin financing for broking clients, equity financing services and equities research, as well as exchange listed derivative broking under CIMB Futures Sdn Bhd.

Tengku Dato’ Sri Zafrul Aziz, Group CEO of CIMB Group said, “We are extremely pleased to have received regulatory approvals to enable us to place the final piece - our Malaysia stockbroking business - in the CGS-CIMB regional securities partnership. We look forward to harnessing the benefits of shared expertise, digital innovation and market access to raise the game for Malaysia's stockbroking industry. Additionally, the Pan-Asian CGS-CIMB partnership will also enable us to scale up and reap even more opportunities, especially digitally, in the stockbroking industry in both ASEAN and China. I am confident this partnership will offer better solutions, greater market access and a differentiated value proposition to existing and future clients of the joint venture as well as to both China Galaxy and CIMB.”

This BNM approval is in relation to the second of the two-part joint venture partnership with China Galaxy. The first part, which relates to CIMB’s stockbroking business outside Malaysia, was completed on 18 January 2018.

About CIMB Group

CIMB Group is one of ASEAN’s leading universal banking groups and is Malaysia’s second largest financial services provider, by assets. It offers consumer banking, commercial banking, investment banking, Islamic banking, asset management and insurance products and services. Headquartered in Kuala Lumpur, the Group is now present in nine out of 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar and Laos). Beyond ASEAN, the Group has market presence in China, Hong Kong, India, Sri Lanka, Korea, the US and UK.

CIMB Group has the most extensive retail branch network in ASEAN of around 830 branches as at 30 June 2018. CIMB Group’s investment banking arm is also one of the largest Asia Pacific-based investment banks, offering amongst the most comprehensive research coverage of around 700 stocks in the region.
CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.1% shareholder of CIMB Thai in Thailand.

CIMB Group is listed on Bursa Malaysia via CIMB Group Holdings Berhad. It had a market capitalisation of approximately RM 51 billion as at 30 June 2018. The Group has over 36,000 employees located in 15 countries.

Source : CIMB Group

FOR MORE INFORMATION, PLEASE CONTACT: 
Name : Suria Zainal
Head
Group Corporate Communications
CIMB Group Holdings Berhad
Tel: +603 - 2261 0638
Email: suriawati.zainal@cimb.com

--BERNAMA

 
 
 

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