KUALA LUMPUR: CIMB Group Holdings Bhd has completed the acquisition of KAF Equities Sdn Bhd via CIMB Investment Bank Bhd and will be rebranded as CIMB Securities Sdn Bhd.
The company noted the acquisition was part of the bank's strategy to expand its in-house capabilities, which complements the group's wholesale banking business in Malaysia.
CIMB Securities will provide a full suite of equity services and will complement other products.within the group wholesale banking franchise from financing, cash management, treasury, and markets and investment banking advisory.
It will also combine a highly experienced and in-depth local research and sales team with regional and global partnerships to provide global content and value propositions to our clients.
These offerings will be given to institutional and corporate clients with immediate effect.
CIMB Group chief executive officer (CEO) Datuk Abdul Rahman Ahmad said the bank will be adopting a phased approach to its rollout, starting with wholesale clients and expanding its offerings in the future.
"We will invest in effective technologies that complement our vision for CIMB Securities to be the brokerage of the future as we solidify our position as the trusted partner in the Malaysian capital market.
"The acquisition is aligned with the group's Forward 23+ strategic plan for reshaping our portfolio.to focus on key markets and segments, while diversifying our propositions to be the leadingfocused Asean bank.
"Looking ahead, the group will continue exploring and evaluating strategic opportunities to strengthen our franchise and deliver shareholder value," he said.
CIMB Securities will be headed by Ruzi Rani Ajith as the CEO, reporting to Novan Amirudin, co-CEO of CIMB Group wholesale banking.
