CIMB Group expand to Cambodia

CIMB Group Holdings Bhd obtained its approval-in-principle to offer banking services in Cambodia by its central bank, the National Bank of Cambodia. The approval letter was handed over to Nazir Razak, Group Chief Executive, CIMB Group by H.E. Chea Chanto, Governor of the National Bank of Cambodia on Sunday, 9 May 2010.

The approval-in-principle allows CIMB Bank to establish and operate a 100% owned subsidiary to offer banking products and services to the nation of 14 million people. The approval requires CIMB Group to set-up its operations within six months. The Group plans to establish its headquarters in Phnom Penh as soon as possible.

CIMB Group is Malaysia’s second largest financial services provider and one of Southeast Asia’s leading universal banking groups. It offers consumer banking, investment banking, Islamic banking, asset management and insurance products and services. Headquartered in Kuala Lumpur, its key operations are located in Malaysia, Singapore, Indonesia and Thailand. The Group also has presence in Brunei, Myanmar and Vietnam. Beyond ASEAN, the Group has offices in Hong Kong, Bahrain, London and New York as well as a 19.99% stake in Bank of Yingkou, China.

CIMB Group, plans for listing its stocks in Indonesia for the second chance in a bid to increase the market capitalization as from the current US$15 billion.

CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the majority shareholder of Bank CIMB Niaga in Indonesia, and the single largest shareholder of CIMB Thai in Thailand.
CIMB Group is listed on Bursa Malaysia via CIMB Group Holdings Berhad (formerly known as Bumiputra-Commerce Holdings Bhd). It has a market capitalisation of approximately RM49.7 billion as at 31 March 2010.