CIMB penetrates Indian Market

CIMB Group has entered into the Indian market with the opening of its Mumbai office.

It has also signed a Business Cooperation Arrangement with Kotak Mahindra Bank Ltd.

CIMB Group Chief Executive Officer Datuk Seri Nazir Razak said the Mumbai representative office in Bandra Kurla Complex was CIMB's first step into India.

CIMB's partnership with Kotak is in the form of a Business Cooperation Arrangement, where the both parties will cooperate and explore opportunities arising from cross border investments and trade flows, with a focus on selected countries in the India-ASEAN corridor.

The cooperation is expected to cover areas of mutual interest including merger and acquisition advisory, trade finance and remittance.

Nazir said during the first two months of the current financial year, ASEAN absorbed 21 per cent of India's outward investments of US$5 billion.

"Given our strong cultural linkages and India's position as a major trade and investment partner for Malaysia and the region, CIMB is positioning itself to facilitate the flow of goods, capital and business partnerships between India and ASEAN," said nazir.

The full story is available at Bernama News.