CIMB’s expansion continues into China

by Richard Kilner

Story link: CIMB’s expansion continues into China

The CIMB group is intent upon expanding its operations in retail and investment banking, as well as Islamic banking.

The group has a geographic footprint extending to ten countries, and has, in recent times, undergone a vigorous programme of expansion.

It intends to purchase a 10% stake in Yingkou Commercial Bank Co Ltd, situated in northern China.

According to Reuters, the two organisations could release a joint statement about the purchase next week.

Datuk Nazir Razak, chief executive officer of CIMB group, has stated that he wanted to see the group break into the Indian and Chinese markets.

Although the group has expanded rapidly recently, the method of expansion varies between localities, Razak has said.

In certain areas joint ventures are deemed appropriate, in others complete control is retained.