CIMB aims 60% overseas business contributions

KUALA LUMPUR: CIMB Group Holdings Bhd aims to increase its overseas business contributions to 60% from the current 40% over the next few years.

CIMB Group Managing Director and Chief Executive Officer Datuk Seri Nazir Razak said the bank had put in place several plans to increase overseas contributions to its bottomline which include agggressive business expansions in Thailand and Singapore.

Besides that, Nazir said, CIMB Thai would be opening the bank's maiden branch in Laos sometime this year.

"The Philippines deal that is about to be concluded will also be positive towards this aim of 60%.

"CIMB is building a regional franchise. In that respect, we are still in early phases in markets like Thailand and Singapore. We hope those are the markets that we can get higher growth this year and beyond," he told reporters on the sidelines of the Invest Malaysia 2013 conference here today.

The two-day conference was opened by Prime Minister Datuk Seri Najib Tun Razak.

Nazir said the move to increase overseas business contributions did not mean CIMB would slow down its domestic banking operations or expansion plans.

"We are more or less completed the post-RBS (Royal Bank of Scotland)acquisition. We are in Taiwan and India. So far, I think we are satisfied with where we are now," he said.

Meanwhile, Nazir welcomed Najib's seriousness to develop the local talent pool.

Nazir said CIMB always emphasised on the importance of talents in Malaysia as the bank believed talents were the core platform for the Malaysian economy to achieve its high-income goal.- Bernama

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