KUALA LUMPUR: CIMB has closed its Hong Kong investment banking (IB) business, citing existing collaboration with its Hong Kong partner in the competitive North Asian market.
CIMB Investment Bank chief executive officer Jefferi Hashim said today that with its pan-Asian collaboration with China Galaxy International (CGI), it has recalibrated its investment banking business.
The bank said existing clients in Hong Kong will continue to be supported through the collaboration with CGI.
The bank was reported to have let go of 10 investment bankers based in Hong Kong due to strong competition, leaving only one to oversee the transition, capital markets publication IFR reported.
In 2017, CIMB sold a 50% equity interest in its international brokerage business to China Galaxy Securities, which owns CGI, creating a cash equities joint venture.
The joint venture includes institutional and retail brokerage, equities research and associated securities businesses in Indonesia, Singapore, Thailand, Hong Kong, India, South Korea, the United Kingdom and the United States. - FMT
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