KUALA LUMPUR (July 28): CIMB Group Holdings Bhd has partnered with Fajr Capital, a leading private equity investor in the Middle East and wider Asia, in a bid to widen the marketing and distribution network of both firms' products and services.

In a filing with Bursa Malaysia today, CIMB said the partnership between CIMB and Fajr Capital will facilitate deal origination, cross-distribution and collaborative marketing of the firms' core products and services through their network in the Asia Pacific and the Middle East respectively.

The new partnership will enable CIMB Group to broaden its reach in the Middle East market, the filing read.

CIMB Group chief executive Tengku Datuk Seri Zafrul Aziz said the partnership is another step towards business consolidation and resource optimisation in line with the group's recalibration strategies to achieve its T18 aspirations.

"CIMB remains committed to the Middle East and as we tap on Fajr's strong network, CIMB's renowned investment banking capabilities will, in turn, provide Fajr access to the Asia Pacific market, enabling the partnership to effectively facilitate deals between two economic regions with an expanding middle-class population and strong growth prospects, moving forward," Tengku Zafrul added.

Fajr Capital chief executive officer Iqbal Khan said the partnership sends a clear signal that both CIMB and Fajr Capital are deeply committed to the Asia Pacific and Middle East regions.

"We look forward to continue working closely with colleagues at CIMB to explore strategic investment opportunities and advance the financial services sector across our constituent markets," Iqbal added.

The partnership will focus on, among others, Islamic treasury, capital market solutions, asset management services and strategic investments, the filing stated.

Therefore, CIMB Group will shut down its operations in Bahrain once it has obtained the necessary approvals from relevant regulators.

The group's indirect wholly-owned subsidiary, CIMB Middle East BSC (C) (CME), based in Bahrain has on July 26 this year sought the Central Bank of Bahrain's approval to close its business.

The closure has been approved at CME's extraordinary general meeting on July 24.

CIMB Group shares closed unchanged at RM4.29, with a market capitalisation of RM37.45 billion