CIMB forms joint venture partnership
Shareholders commit US$2 million:
Regional and International banking player CIMB Group Holdings of
Malaysia is the first international global investment bank to be in Sri
Lanka. “We are elated at the possible growth prospects here”, visiting
CIMB Chief Executive Nazir Razak told Daily News Business last night.
“The equilibrium between Sri Lanka and Malaysia is so good that the
capital market infrastructure of CIMB has got the partners in the arena
of investment banking amalgamated with the local knowledge which is
powerful in the Sri Lankan market to make the joint venture a resounding
success,” he said.
He said this following the signing ceremony of the shareholders
agreement and joint venture- CIMB Lanka, the new joint venture between
CIMB Group Holdings of Malaysia and two Sri Lankans - Union Bank Deputy
Chairman Alex Lovell and Singapore based Investment banker Reshani
Dangalla at Hotel Taj Samudra yesterday.
“CIMB has the platform for investment banking and we have the
knowledge and this will be an ideal marriage”, Lovell said.
Dangalla said that this was the first time that there was an
investment bank which had come to stay in the country to add value to
the system in contrast to other international banks who were drawing all
their profits and repatriating overseas. CIMB Group holds 51 percent of
the joint venture’s share capital through its wholly owned subsidiary
CIMB Securities International Pte Ltd (“CIMBSI”), with the remaining 49
percent held by Lovell and Dangalla.
Shareholders have committed upto US$ 2 million for the venture.
The new entity will leverage the expertise and extensive local and
regional network of the partners to provide Investment Banking advisory
services to a fast growing domestic investment and capital market.
The services will include broad corporate finance advisory
capabilities as well as structuring of equities and fixed income
CIMB Group is Malaysia’s second largest financial services provider
and one of ASEAN’s leading universal banking groups. CIMB Group is
Malaysia’s second largest financial services provider and one of ASEAN’s
leading universal banking groups. It offers consumer banking, investment
banking, Islamic banking, asset management and insurance products and
Headquartered in Kuala Lumpur, the Group is now present in 8 out of
10 ASEAN nations (Malaysia, Indonesia, Thailand, Singapore, Cambodia,
Brunei, Vietnam, and Myanmar). Beyond ASEAN, the Group has market
presence in China, Hong Kong, Bahrain, India, Sri Lanka, the US and UK.