No plans for new acquisition, says CIMB chief
Published on: Tuesday, September 06, 2005
Kuching: Commerce International Merchant Bankers Bhd (CIMB) has no immediate plans to further acquire any banking and financial institutions in the country.CIMB group chief executive officer, Datuk Nazir Razak said presently the company had the capability to transform itself into a universal financial services provider following the announcement on June 6 this year that it intended to acquire Bumiputra-Commerce Bank Bhd (BCBB)."We are open to any new opportunity for further acquisition but at the moment there are none," he told reporters after the opening of CIMB investment banking branch in Kuching here Monday.
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Assistant minister in Chief Minister's Department, Datuk Alfred Yap representing Deputy Chief Minister Tan Sri Dr George Chan opened the branch in Kuching, which is its second after Penang.Asked on the market talk that CIMB was keen to take over RHB Bank, he denied it and added, "I confirm that was speculation."Nazir said CIMB would not open more branches in other states as the present branches including the one in Kuching, would be adequate to cover the needs of those interested to invest in the capital markets.On the opening of the branch here, he said it would allow the company to provide investment services to investors in the state and at the same time enhance the company's presence in East Malaysia.
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The new branch will have four core units namely investment banking, stock broking, asset management services and private banking to be managed by its 20 personnel with vast experience in various financial services.Stay up-to-date by following Daily Express’s Telegram channel.
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Financial Centre, Nazir said the branch was expected to be operational by the end of this year. - Bernama
