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Malaysia's CIMB to expand in Australia

The CIMB Group will start business in Australia after acquiring majority of RBS's Australian business.

 

The Malaysian bank's Group Managing Director and CEO Datuk Seri Nazir Tun Razak said that this will happen in the next three to four months to leverage its reach in Asia and win market share.

"Australian corporates that have Asian interest will find a network and reach that is quite unique at CIMB," said Razak.

"CIMB is an Asean bank. Asean is Australia's direct neighbour and, because of that, Australia will be core to CIMB's investment banking operations," he added.

e pointed out that CIMB has multi-local platforms across Asean and APAC, which can deliver deals, relationships and financial support.

CIMB bought RBS' Australian equities, equity capital markets, mergers and acquisitions businesses as part of its pound stg. 173.9 million $273 million purchase of most of the British bank's Asia-Pacific investment banking unit.

CIMB, which has been expanding its presence in Southeast Asia by acquisitions since 2006, has sold the RBS deal as a way to build the regional investment banking business faster and cheaper than by growing organically.

After solidifying the deal with RBS last month, he expects CIMB to open up shops in Australia in three to four months, which he described as  "relatively quick but not easy as RBS had other options".

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