January 25th, 2019

CIMB get permission for banking venture with Philippines

CIMB Group Holdings Bhd has obtained the green light to establish its investment banking business in the Philippines. In a filing with Bursa Malaysia, the group said its wholly owned subsidiary CIMB Group Sdn Bhd had on Jan 23 received the relevant approvals from the Securities and Exchange Commission of the Philippines, including the Certificate of Incorporation and Certificate of Registration for an investment house licence.

The investment banking business in the Philippines will be operated via a 60% shareholding in CIMB Bancom Capital Corporation with the remaining 40% stake to be held by local partners Bancom II Consultants, Inc and PLP Group Holdings, Inc.

The three parties have entered into a joint venture agreement following the receipt of the approvals.

CIMB shares went down 1 sen or 0.2% to close at RM5.65 today on 13.4 million shares done.

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