KUALA LUMPUR, April 14 – CIMB Group today announced today that it has started its investment banking and brokerage businesses in Mumbai, India after successfully obtaining a stock broking license from the Securities and Exchange Board of India (“SEBI”).
“We are delighted to add India to our footprint which now comprises all major APAC markets except Taiwan. India is a mega economy and an essential market for any major investment bank,” said Dato’ Sri Nazir Razak, Group Chief Executive, CIMB Group. “Taiwan is expected to come on board next month, and then we will be definitively the biggest APAC-based investment bank.”
Devesh Kumar, the Country Representative for India will lead the 60-strong team in India, offering investment banking, equities brokerage and research to both domestic and international clients.
CIMB Securities (India) Pte. Ltd. (“CIMB India”) currently initiates research coverage on 110 Indian stocks, representing 72% of the domestic market cap, across 13 sectors including key sectors such as IT software services, banking and finance, oil and gas, metal and mining, real estate and telecommunications.
By early 3Q 2013, CIMB India aims to extend its research coverage to 150 Indian stocks to represent 85% of the domestic market cap.
About CIMB Group
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 services.
Headquartered in Kuala Lumpur, the Group is now present in eight out of 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam and Myanmar). Beyond ASEAN, the Group has market presence in China, Hong Kong, Bahrain, India, Sri Lanka, Australia, Taiwan, Korea, the US and UK.
CIMB Group has the most extensive branch network in ASEAN of more than 1,000 branches as at 31 December 2012. CIMB Group’s investment banking arm is also emerging as the largest Asia Pacific-based investment bank following its recently announced purchase of RBS’ Asia Pacific investment banking and cash equities operations.
CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the 97.9% shareholder of Bank CIMB Niaga in Indonesia, and 93.7% 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 RM56.71 billion as at 31 December 2012. The Group has about 42,000 employees located in 17 countries.
SOURCE: CIMB Group
FOR FURTHER INFORMATION PLEASE CONTACT:
Name : Effendy Shahul Hamid
Head, Group Marketing & Communications
CIMB Group
Tel : +603 – 2087 3030
Fax : +603 – 2093 1008
Email: effendy.hamid@cimb.com
-BERNAMA
