CIMB Completes Acquisition of KAF Equities
By Ying Xian Wong
CIMB Group Holdings has completed its acquisition of KAF Equities through CIMB Investment Bank, and will rebrand it as CIMB Securities.
The Malaysian bank said the move aligns with its aim to enhance in-house capabilities, bolstering its wholesale banking business in Malaysia, according to a statement late Thursday.
It didn't provide the financial details of the deal.
This follows CIMB's recent divestment of its residual stake in a stockbroking joint venture with CGS International Holdings in December. CIMB said the collaboration with CGS in retail and wealth business remains intact.
CIMB Securities will offer a full suite of equities services, integrated with other wholesale banking products, such as financing, cash management, treasury and investment banking advisory, the bank said.
This is also in line with CIMB's five-year blueprint to focus on key markets and segments, CIMB Chief Executive Abdul Rahman Ahmad said.
Ruzi Rani Ajith will lead CIMB Securities as CEO, reporting to Novan Amirudin, the co-CEO of CIMB group wholesale banking, the bank added.
Write to Ying Xian Wong at yingxian.wong@wsj.com
(END) Dow Jones Newswires
February 08, 2024 05:04 ET (10:04 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
Morningstar’s Guide to Investing in Stocks
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst