Malaysia's second largest financial services provider, CIMB Group, has expanded its investment banking operations in Hong Kong.
The announcement followed the completion of the Group's acquisition of the Royal Bank of Scotland's (RBS) investment banking business in Hong Kong and its integration into the existing investment banking franchise, in addition to CIMB's launch in Australia earlier this month.
Hong Kong and Australia would be the Group's largest ex-Association of Southeast Asian Nations (ASEAN) markets.
CIMB Group previously offered consumer banking, investment banking, Islamic banking, asset management and insurance products and services. It had the largest retail branch network in ASEAN, with more than 1,100 branches as of 31 October 2012.
"We now have the full complement of investment bankers and equities personnel to be competitive in Hong Kong, as well as to anchor our entire north Asia operations," CIMB Group chief executive Dato' Sri Nazir Razak said.
"Our model is all about intermediating within Asia for Asia, and we have a unique platform for doing that."
Chief executive for Hong Kong and co-head of investment banking, Matthew Kirkby, will lead the 192-strong team in Hong Kong, which will provide investment banking advisory services, equity and capital market fund raising abilities, and broking services and research.
"There is significant potential in Hong Kong as it is one of the world's top financial centres and the gateway to China," Mr Kirkby said.
"CIMB has a unique understanding of Asia, in particular ASEAN, and we think clients will appreciate the synergies and strengths of the group's investment and universal banking platform across the region."
Upon the full completion of the Group's acquisition of RBS's Asia Pacific investment banking business at the end of 2012, its operations will be spread across a total of 18 countries.
CIMB has 145 employees in Sydney and Melbourne.
