Friday 29 Mar 2024
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KUALA LUMPUR (Aug 12): CIMB Bank Bhd has closed its bank representatives' office in Mumbai, India.

In a bourse filing, its parent CIMB Group Holdings Bhd said the bank had completed its closure process.

However, CIMB said it will continue to have a presence in India through CGS-CIMB Securities, its joint venture with China Galaxy International Holdings Pte Ltd.

Two weeks ago, India's Economic Times reported that CGS-CIMB might scale down its presence in the republic. Citing sources, the publication said that CGS-CIMB India country head Devesh Kumar was in talks with the brokerage firm to take over its institutional business.

"If the deal goes through, Kumar is expected to own the firm through his entity — Earnest Innovation Partners," it reported.

Shares in CIMB finished 2.91% or 10 sen higher at RM3.54 apiece, valuing the banking group at some RM35.13 billion. It saw 11.41 million shares done.

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