FINANCIAL TECHNOLOGY | Staff Reporter, India

CIMB launches its investment banking business in India

Devesh Kumar will lead the 60-strong team in India.

In a statement, CIMB Group announced 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.

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