KUALA LUMPUR, Aug 24 (Bernama) -- CIMB Bank Berhad (“CIMB Bank” or “CIMB”) recently signed an agreement to appoint China Construction Bank Corporation (“CCB”) as CIMB Bank’s sub-custodian bank in mainland China to clear, settle and safekeep China shares, bonds and other investment products on behalf of CIMB Bank and its clients.

Both parties also signed a Memorandum of Understanding (MoU) where CCB will appoint CIMB Bank as its sub-custodian bank to clear, settle and safekeep CCB customers’ investment portfolio in Malaysia. In addition, both organisations agreed to explore further collaboration to appoint each other as onshore settlement agents in respect of each party’s inter-bank bond market activities.

On hand to witness the signing of the documents between the two institutions were Hendra Lembong, Group Head, Transaction Banking, CIMB Group and Pang Xiusheng, Executive Director, Executive Vice President, China Construction Bank Corporation.

Hendra Lembong said, “CIMB Bank is pleased to collaborate with China Construction Bank to provide investors with the platform to make cross-border investments into the Malaysian and Chinese markets. This collaboration is the start of meaningful partnership between our organisations as we leverage on each other’s networks and platforms to improve our market share and leadership and more importantly, to serve our customers better.”

With this arrangement, CIMB will be able to support portfolio investments into China for Qualified Foreign Institutional Investors (“QFII”), RMB Qualified Foreign Institutional Investors (“RQFII”) and China Inter-Bond Market (“CIBM”) investors.

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 nine out of 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar and Laos). Beyond ASEAN, the Group has market presence in China, Hong Kong, India, Sri Lanka, Taiwan, Korea, the US and UK.

CIMB Group has the most extensive retail branch network in ASEAN of close to 1,000 branches as at 30 June 2016. CIMB Group’s investment banking arm is also one of the largest Asia Pacific-based investment banks, offering amongst the most comprehensive research coverage of more than 1,000 stocks in the region.

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 RM 38.1 billion as at 30 June 2016. The Group has about 40,000 employees located in 16 countries.

SOURCE: CIMB Group 

FOR MORE INFORMATION PLEASE CONTACT: 
Name: Suria Zainal
Director
Group Corporate Communications
Group CEO’s Office
CIMB Group Holdings Berhad
Tel: +603 - 2261 0638
Email: suriawati.zainal@cimb.com

--BERNAMA