Kuala Lumpur, 1 July 2019 – CGS-CIMB Securities Sdn Bhd (CGS-CIMB Malaysia), the Malaysian stockbroking joint venture between CIMB Group Holdings Berhad (CIMB) and China Galaxy International Financial Holdings Limited (CGI), a wholly owned subsidiary of China Galaxy Securities Co. Ltd. (CGS), will officially commence operations today.
CIMB and CGS are already partners in CGS-CIMB Securities International, which is the platform operating stockbroking businesses in the region. CIMB and CGS each owns a 50 percent stake in CGS-CIMB Malaysia.
“We are pleased to complete the inclusion of CIMB’s Malaysia stockbroking business into the partnership with China Galaxy. The platform will be able to leverage on shared expertise, digital innovation and wider market access to offer better solutions for customers. The CGS-CIMB partnership is also a pivotal step to enhance investment and capital flows between ASEAN and China.” Said, CEO of Group Wholesale Banking, CIMB Group, Shahnaz Jammal.
CEO of CGI, Derrick Lau emphasized that the completion of the CGS-CIMB Malaysia will fortify and better position our entire pan-Asia joint venture platform as the stockbroker of choice in Asia to ride on the increasing trend of cross-border investments under China’s Belt and Road Initiative.
Across the region, CGS-CIMB is already a dominant player in the retail broking industry with 70 branches and over 850 distribution posts, and is ranked top three by market share for broking houses in Malaysia, Indonesia and Singapore.
Ruzi Rani Ajith, CEO of CGS-CIMB Malaysia said, “The entry of CGS as a new shareholder as well as CGS-CIMB Securities International’s established platform, research capabilities and regional footprint will provide substantial synergies to support CGS-CIMB Malaysia in fulfilling our clients’ investment objectives as well as in connecting them with various opportunities in Asia.”