KUALA LUMPUR: CIMB Bank Bhd has entered into a partnership with China CITIC Bank Corp Ltd to strengthen financial connectivity between China and ASEAN, with a particular focus on Malaysia and Indonesia.
In a statement today, CIMB said the collaboration, formalised through the signing of a letter of intent, will leverage China CITIC Bank’s robust onshore network in China and CIMB’s extensive ASEAN footprint to provide clients of both banks with more seamless access to a comprehensive suite of banking solutions.
It said the partnership will also support Chinese yuan renminbi (RMB) and foreign currency payment and clearing capabilities, including potential access to China’s Cross-Border Interbank Payment System, interbank RMB funding arrangements and offshore lending into ASEAN markets.
"Beyond product and financing solutions, both banks will explore head-office-level communications
to streamline cross-border treasury and cash management capabilities, including account opening, maintenance and management services to local enterprises.
"This is expected to strengthen operational coordination across both banks’ head offices and branches, enabling clients to manage their cross-border transactions more efficiently as they expand across the
China-ASEAN corridor,” it added.
CIMB said both banks will also explore syndicated loan collaboration across global primary and secondary markets to broaden clients’ access to regional and international financing opportunities.
CIMB Group
wholesale banking chief executive officer Chu Kok Wei said that as trade, investment and supply chain linkages between China and ASEAN continue to deepen, businesses increasingly require banking partners that can help them navigate both markets more seamlessly. - Bernama
