CIMB Group Holdings has successfully finalized its acquisition of KAF Equities, a move that will result in the rebranding of the company as CIMB Securities. This strategic decision by the Malaysian bank is aimed at enhancing its in-house capabilities and further strengthening its wholesale banking business in Malaysia.
While specific financial details of the deal were not disclosed, CIMB's recent divestment of its residual stake in a stockbroking joint venture with CGS International Holdings in December remains intact. This collaboration has proven to be beneficial for CIMB in terms of its retail and wealth business.
CIMB Securities will now provide a comprehensive range of equities services, integrated seamlessly with other wholesale banking products. These services include financing, cash management, treasury, and investment banking advisory. This alignment with CIMB's five-year blueprint to focus on key markets and segments reinforces its commitment to delivering exceptional value to its clients.
Leading the operations at CIMB Securities will be Ruzi Rani Ajith, who assumes the role of CEO. Ajith will report directly to Novan Amirudin, the co-CEO of CIMB group wholesale banking. By appointing seasoned professionals to key leadership positions, CIMB aims to ensure the seamless execution of its vision.
In conclusion, CIMB Group Holdings' completion of the KAF Equities acquisition and subsequent rebranding as CIMB Securities marks a significant milestone for the Malaysian bank. With this strategic move, CIMB aims to strengthen its position in the market and provide an even more comprehensive suite of services for its clients.