CIMB Launches Labuan Operations
Commerce International
Merchant Bankers Berhad (CIMB) has successfully applied to the Labuan
Offshore Financial Services Authority (LOFSA) for an offshore banking
licence. Approval for the new Labuan subsidiary, CIMB (L) Ltd (CIMB Labuan),
was also obtained from Bank Negara Malaysia. Director-General of
LOFSA, Noorazman Abdul Aziz, commented: 'The incorporation of CIMB Labuan
is a sensible initiative by CIMB Group to take advantage of the facilities
Labuan has to offer in developing their Asian business, particularly for
the development of the Islamic financial market.' The CIMB Group is
the investment banking arm of Commerce Group, Malaysia's second largest
integrated financial services provider, and its core companies are CIMB,
CIMB Securities Sdn Bhd, CIMB Futures Sdn Bhd and CIMB Discount House
Berhad. CIMB Labuan is capitalised at USD25 million and serves as the
primary vehicle for CIMB Group's non-Ringgit investment banking
activities. In a statement released
from CIMB, Chief Executive, Nazir Razak, said: 'Establishing CIMB Labuan
is a logical progression in our corporate strategy to expand CIMB's operations
beyond local boundaries. It provides a vehicle to develop activities in
the region and offer non-ringgit financial solutions to our clients.' .
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