CIMB Group Holdings Berhad today announced that it has completed the acquisition of KAF Equities Sdn Bhd via CIMB Investment Bank Berhad and will be rebranded as CIMB Securities Sdn Bhd.
The group said the acquisition was part of the Bank’s strategy to expand its in-house capabilities, that complements the Group’s Wholesale Banking business in Malaysia. CIMB Securities will provide a full suite of equities services and will complement other products within the Group Wholesale Banking franchise from financing, cash management, treasury and markets and investment banking advisory. It will combine a highly experienced and in-depth local research and sales team, with regional and global partnerships, to provide global content and value propositions to our clients. These offerings will be given to institutional and corporate clients with immediate effect.
Dato’ Abdul Rahman Ahmad, Group Chief Executive Officer of CIMB Group said, “We will be adopting a phased approach in our rollout, starting with wholesale clients and expanding our offerings in the future. We will invest in effective technologies that complement our vision for CIMB Securities to be the brokerage of the future, as we solidify our position to be the trusted partner in the Malaysian capital market.”
“The acquisition is aligned with the Group’s Forward23+ Strategic Plan of reshaping our portfolio to focus on key markets and segments, while diversifying our propositions to be the leading focused ASEAN bank. Looking ahead, the Group will continue exploring and evaluating strategic opportunities to strengthen our franchise and deliver shareholder value.”
CIMB Securities will be headed by Ruzi Rani Ajith as the Chief Executive Officer, reporting to Novan Amirudin, Co-Chief Executive Officer of Group Wholesale Banking, CIMB Group. This acquisition follows the recent announcement of CIMB completing the divestment of the residual stake in its stockbroking joint venture with CGS International Holdings
Limited (formerly known as China Galaxy International Financial Holdings Limited) (“CGI”) in December 2023.
CIMB said the collaboration with CGS in the retail and wealth business remains in place to help a continuing and seamless service for individual clients.
