CIMB gets nod for investment bank ops in Philippines


CIMB Group is the fifth largest banking group in Asean (by assets), with an extensive regional footprint and a commendable universal-banking franchise.

PETALING JAYA: CIMB Group Holdings Bhd’s unit, CIMB Group Sdn Bhd, has received the necessary approvals from the Philippines’ Securities and Exchange Commission to establish an investment banking business there.

“This (approval) includes the receipt of the Certificate of Incorporation and the Certificate of Registration for an Investment House licence,” it said in a filing with Bursa Malaysia.

Its investment banking business in the Philippines will be operated through a 60% stake in CIMB Bancom Capital Corp.

The remaining 40% stake in the joint-venture company will be held by local partners there – Bancom II Consultants, Inc and PLP Group Holdings, Inc.

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Business , CIMB , PLP Group , Philippines , Bancom , subsidiary , invest ,

   

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