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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