KUALA LUMPUR: CGS-CIMB Securities Sdn Bhd (CGS-CIMB Malaysia), a joint venture between CIMB Group Holdings Bhd (CIMB) and China Galaxy International Financial Holdings Ltd (CGI), a wholly-owned subsidiary of China Galaxy Securities Co Ltd (CGS), will officially commence operations today.
CIMB and CGS each owns a 50% stake in CGS-CIMB Malaysia, whose stockbroking business comprises institutional and retail brokerage, share margin financing for broking clients, equity financing services and equities research, as well as exchange listed derivative broking via its wholly-owned CGS-CIMB Futures Sdn Bhd, said a joint media statement issued yesterday.
CIMB and CGS are already partners in CGS-CIMB Securities International, which is the platform operating stockbroking businesses in the region.
“Through CGS-CIMB Malaysia, we expect to raise the game for the country’s stockbroking industry. The CGS-CIMB partnership is also a pivotal step to enhance investment and capital flows between ASEAN and China.
“I am confident this partnership will result in a differentiated value proposition for existing and future clients of CGS-CIMB, as well as CGS and CIMB separately,” said CEO of group wholesale banking, CIMB Group, Shahnaz Jammal.
CEO of CGI Derrick Lau said the successful completion of the joint venture with CIMB in Malaysia will cement their overall stockbroking joint venture collaboration with CIMB. — Bernama