CIMB continues aggressive Asian expansion

MANILA, Philippines - The CIMB Group of Malaysia has acquired large chunk of the Asian business of the Royal Bank of Scotland (RBS), making the Malaysian bank one of the largest regionally-based investment banking franchises in Asia Pacific. The acquisition comprises RBS’s cash equities businesses in Australia, China, Hong Kong, India and Taiwan (including the cash equities sales desk in the US and the UK) as well as the ECM and corporate finance business in Australia, China, Hong Kong, India, Indonesia, Malaysia, Singapore, Taiwan and Thailand. In the Philippines, it is acquiring a majority stake in the Bank of Commerce, a subsidiary of the San Miguel Group. “This won’t be the Asian century without Asian companies rising to the occasion. CIMB is not only stepping up, but also placing itself in a superb position to assist other companies in Asia to move across borders,” Dato’ Sri Nazir Razak, CIMB group chief executive, told reporters as reported by The Asian Banker (TAB). He added: “This is an excellent opportunity to complete the build-up of our capabilities in Asia Pacific markets, and to it quicker and less expensively than if we grew organically.”