|Thursday, 16 August 2012 10:41|
CIMB Group Holdings Bhd, Southeast Asia’s top-ranked investment bank over the past three years, said it may start broking operations in India and South Korea after buying most of Royal Bank of Scotland Group Plc’s Asian investment banking assets.The Malaysian lender may acquire existing broking licenses or apply for new ones in both countries, Nazir Razak, CIMB’s chief executive officer, told reporters in Kuala Lumpur yesterday, after unveiling a 14 percent jump in second-quarter earnings. It’s still in talks to buy a 50 percent stake in Australian brokerage RBS Morgans, he said.
“The whole idea is to build a comprehensive Asia-Pacific stockbroking and investment banking network,” Nazir said. “India and Korea are essential to such a network. We feel that we must be in both markets.”