CIMB Group partners with Fajr Capital

Tengku Zafrul Aziz, chief executive officer of CIMB Group Holdings Bhd., speaks during an interview in Kuala Lumpur, Malaysia, on Tuesday, June 14, 2016. CIMB, Malaysia's second-largest lender by assets, may have to lower a profitability target even as it considers shutting some underperforming businesses to reduce costs. Photographer: Charles Pertwee/Bloomberg

KUALA LUMPUR: CIMB Group Holdings Bhd has entered into a strategic partnership with Fajr Capital, a leading private equity investor in the Middle East and wider Asia.

CIMB said in a statement this would facilitate deal origination, and the cross-distribution and collaborative marketing of the firms’ core products and services through their extensive clientele network in Asia-Pacific and the Middle East, respectively.
 
CIMB group chief executive Tengku Datuk Seri Zafrul Aziz (pic) said CIMB remained committed to the Middle East.

“As we tap on Fajr’s strong network, CIMB’s renowned investment banking capabilities will, in turn, provide Fajr access to the Asia-Pacific market, enabling the partnership to effectively facilitate deals between two economic regions with an expanding middle-class population and strong growth prospects,” he said.

The CIMB-Fajr partnership encompasses multiple levels of collaboration between both firms. In cross-marketing and distributing each partner’s products, services and deals, the partnership will focus, among others, on Islamic treasury, capital market solutions, asset management services and strategic investments.
 
This new partnership enables the CIMB Group to not only maintain and strengthen its presence in the Middle East market, but also broaden its reach. As a result, it said, CIMB would close its office in Bahrain once it has obtained the necessary approvals from relevant regulators.
 
Headquartered in the Dubai International Financial Centre, Fajr counts as its shareholders the sovereign investors from Abu Dhabi, Brunei abd Nalaysia, and private investors from the Gulf Cooperation Council and elsewhere.