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Malaysia's CIMB Group seals alliance with Bank of Tokyo-Mitsubishi

Malaysia's CIMB Group seals alliance with Bank of Tokyo-Mitsubishi

Malaysia's CIMB Group and the Bank of Tokyo-Mitsubishi UFJ Ltd. said Wednesday they have agreed to an alliance to sell financial services in Malaysia.
"The strategic alliance covers broad collaboration between the two banks in various business areas, including investment banking (both conventional and Islamic) and cash management services," the two lenders said in a statement.
Bank of Tokyo-Mitsubishi UFJ is the second Japanese financial group to tap Malaysia's financial sector, where lenders such as Citigroup Inc. already have strong presence. Malaysia is gradually liberalizing its financial sector to allow foreign players greater access.
Bank of Tokyo-Mitsubishi UFJ is the commercial banking arm of Mitsubishi UFJ Financial Group Inc. _ the world's largest banking group with total assets of US$1.68 trillion (euro1.4 trillion) and shareholders' equity of US$30.1 billion (euro25 billion).
CIMB Group, with 155 billion ringgit (US$43 billion, euro36 billion) in assets, is a unit of Malaysia's second biggest financial company, Bumiputra-Commerce Holdings, which has embarked on an aggressive regional expansion.
The alliance will leverage on CIMB's expertise in investment banking, its large branch network and products as well as the Japanese bank's strong business relationship with Japanese companies, its large balance sheet and product expertise, the statement said.
On Monday, general insurer Sompo Japan Insurance Inc. said it was in talks to buy a 30 percent stake in the insurance unit of Malaysia's Berjaya Capital.


Updated : 2021-02-28 17:28 GMT+08:00