From left: Ren Jun, president of SPDB Singapore; Beh Sui Chung, managing director and head of financial institutions, Malaysia, group wholesale banking, CIMB Group; Thomas Tan, advisor, group wholesale banking; Xie Wei, president of SPDB; Chu Kok Wei, CEO of group wholesale banking, CIMB Group; and Li Ge, deputy general manager of cross-border finance (offshore banking centre), SPDB
KUALA LUMPUR: CIMB Bank Bhd has signed a letter of intent (LoI) with Shanghai Pudong Development Bank Co Ltd (SPDB) to provide a suite of solutions and services to fast-track expansion of SPDB's clients in Asean.
In a statement, CIMB said the LOI will provide clients an edge through its localised and cross-border strengths across several main areas, covering trade settlement and finance; investment consulting services, debt capital markets, treasury and markets, and global payment business.
The collaboration was formalised at the launch of SPDB’s cross-border financial services, at the headquarters of SPDB in Shanghai, in conjunction with the China International Import Expo (CIIE).
"Against the backdrop of the Malaysia-China 50th anniversary of diplomatic relations, we are pleased to play a significant role in the growth of companies in China expanding into ASEAN through our strategic collaboration with SPDB.
"With our Asean presence and deep industry expertise, we aim to help clients advance their aspirations, through seamless and efficient solutions to facilitate their cross-border requirements and venture into this region," said CIMB Group
wholesale banking CEO Chu Kok Wei.
SPDB deputy president Kang Jie added that it is excited to play a role in igniting greater flows in trade and investments enabled by CIMB’s strong expertise and first-hand experience in catalysing financial and investment growth for many years to come.
