CIMB completes the acquisition of KAF Equities

CIMB Group CEO Datuk Abdul Rahman Ahmad

KUALA LUMPUR: CIMB Group Holdings Bhd has completed the acquisition of KAF Equities Sdn Bhd via CIMB Investment Bank Bhd and will be rebranded as CIMB Securities Sdn Bhd.

“The acquisition is part of the bank’s strategy to expand its in-house capabilities, that complements the group’s wholesale banking business in Malaysia,” CIMB said in a statement.

According to the bank, CIMB Securities will provide a full suite of equities services and will complement other products within the group wholesale banking franchise from financing, cash management, treasury and markets and investment banking advisory.

“We are pleased to integrate stockbroking into our wholesale banking offerings in Malaysia as we complete our end-to-end value proposition for our clients. We will be adopting a phased approach in our roll-out, starting with wholesale clients and expanding our offerings in the future.

“We will invest in effective technologies that complement our vision for CIMB Securities to be the brokerage of the future, as we solidify our position to be the trusted partner in the Malaysian capital market,” group chief executive officer Datuk Abdul Rahman Ahmad said in a statement.

“The acquisition is aligned with the group’s Forward23+ Strategic Plan of reshaping our portfolio to focus on key markets and segments, while diversifying our propositions to be the leading focused Asean bank. Looking ahead, the group will continue exploring and evaluating strategic opportunities to strengthen our franchise and deliver shareholder value.”

CIMB Securities will be headed by Ruzi Rani Ajith as the chief executive officer, reporting to Novan Amirudin, co-chief executive officer of group wholesale banking, CIMB Group.

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