KUALA LUMPUR: CIMB Bank Bhd and China Merchants Bank Co Ltd have established a strategic partnership to offer cross-border solutions and support the expansion of end-to-end banking services across China, Malaysia, and ASEAN.
In a statement today, CIMB said it had signed a letter of intent (LOI) with China Merchants Bank to offer a comprehensive suite of cross-border solutions that enable clients to benefit from banking services supporting their businesses across markets.
The bank said the collaboration, aligned with its Forward30 strategy, aims to enhance end-to-end banking connectivity and support growing cross-border financial activities across the region.
"Clients will benefit from a broad menu of banking services covering trade, payments, and cross-border financing to support their operations and expansion across markets,” it said.
CIMB added that the partnership will also explore enhanced cash management, trade finance, and settlement capabilities, supported by stronger connectivity between the two banks’ head offices to streamline cross-border treasury operations.
"In addition, the banks will also expand mutual client referrals and collaborate on investment banking and advisory services for regional expansion, covering market entry, investment structuring and regulatory requirements.
"This will be complemented by potential collaborations in syndicated loans across global primary and secondary markets, providing clients access to broader financing opportunities,” it said.
CIMB chief executive officer of group wholesale banking Chu Kok Wei said the partnership reinforces the bank’s role in advancing regional financial connectivity by leveraging CIMB’s strong ASEAN footprint and expertise.
"As a key link between Malaysia, ASEAN and China, CIMB is in a position of strength to facilitate seamless financial flows across the China-ASEAN corridor, enabling us to better support our clients with integrated, end-to-end solutions as they expand and capture growth opportunities across the region,” he said.
According to CIMB, clients from both corporate and retail segments stand to benefit from greater access to international banking services.
"The collaboration will be further strengthened by more streamlined processes and enhanced service levels that collectively drive added value for clients,” it said.
China Merchants Bank is among China’s largest commercial banks, while CIMB has a regional presence across ASEAN markets, including Malaysia, Indonesia, Singapore, Thailand, Cambodia, Vietnam and the Philippines. - Bernama
