Friday 29 Mar 2024
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KUALA LUMPUR (Jan 7): CIG Bhd, a wholly-owned indirect subsidiary of CIMB Group Holdings Bhd today completed the disposal of a 49% stake in CIMB Insurance Brokers Sdn Bhd (CIB) to HBG Asia Holdings (Howden).

In a filing to Bursa today, CIMB Group said the approval for the disposal was given by Bank Negara on Dec 30, 2014.

"CIB currently operates the insurance broking business of CIMB Group, and the disposal is in line with CIMB Group’s aspirations to further streamline and focus on its core banking businesses.

"As part of the disposal, Howden will assume the management control of CIB, and CIB will cease to be an indirect subsidiary of CIMB Group," it added.

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