CIMB plans investment bank in the Philippines

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KUALA LUMPUR (Jan 24): CIMB Group Holdings Bhd plans to enter into the investment banking market in the Philippines.

In a filing with Bursa Malaysia today, CIMB said its wholly-owned subsidiary CIMB Group Sdn Bhd has yesterday (Jan 23) received the relevant approvals from the Securities and Exchange Commission of the Philippines to establish its investment banking business there.

"This includes the receipt of certificate of incorporation and certificate of registration for an investment house licence," it added. 

CIMB's unit will be operating its investment banking business in the Philippines via a 60% shareholding in CIMB Bancom Capital Corp, with the remaining 40% stake in CIMB Bancom to be held by local partners – Bancom II Consultants Inc and PLP Group Holdings Inc.

CIMB currently has investment banking business in 10 countries, including Malaysia, Indonesia, Thailand and Singapore. 

CIMB shares closed down one sen or 0.18% at RM5.65 today, with 13.4 milllion shares done, bringing a market capitalisation of RM54.04 billion.