KUALA LUMPUR, Nov 28 — CIMB Group Holdings Bhd is set to expand its investment banking presence by setting up operations in Seoul, Taipei and Mumbai, says group chief executive Datuk Seri Nazir Razak.
He said the banking institution expected to secure the licences by the next two to three months, to complement its current investment banking presence in 13
“CIMB has always gone contrary. We have expanded particularly in investment banking at the time other banks are shrinking theirs.
“We are going contrary again this time as we feel it is the right time to take the opportunity of the slowdown in global markets to expand our investment banking platform,” he told reporters after launching the CIMB Wealth Advisors
Bhd’s Private Retirement Scheme here today.
CIMB currently has investment banking presence in Malaysia, Indonesia, Singapore, Thailand, Brunei, Vietnam, Bahrain, Sri Lanka, London, New York, Australia, China and the latest, Hong Kong.
Nazir said once the operations in the new markets started, CIMB’s investment banking platform was expected to be completed, in terms of Asia-Pacific region.
However, he said, the new operations would take time to ramp up and CIMB was ready to face the challenge in integrating its Asia-Pacific investment banking platform.
Asked if CIMB would transform into an Asian bank from the current Asean platform, Nazir said: “CIMB is an Asean universal bank. We also have an Asia-Pacific investment banking platform, and that happens to be the largest in the region.
“CIMB will not grow to be an Asian bank as we have very little to add to
banking, beyond the South-East Asian region.” — Bernama