25 March 2013

CIMB Begins Investment Banking and Brokerage Businesses in Seoul, South Korea

Kuala Lumpur – 24 March 2013 - CIMB Group has begun its investment banking and brokerage businesses in Seoul, South Korea, after successfully obtaining an equities brokerage license from the Financial Services Commission (FSC) of Korea. CIMB Securities Limited, Korea Branch (CIMB Korea) is the first ASEAN financial institution to be granted its equities brokerage license through an application process. 

"We are delighted to have gotten off the ground in Korea. This is a continued expansion of our North Asia investment banking platform and brings us closer to comprehensively covering all key Asia Pacific ex-Japan markets. We can now offer our global clients access to the Korean equity market and catalyse more business and investment flows between Korea and ASEAN,” said Dato’ Sri Nazir Razak, Group Chief Executive, CIMB Group. 

John Choi, the Branch Manager and the Head of Equities, and Sean Cho, the Head of Investment Banking will lead the 39-strong team in Korea, providing stock brokerage, research and corporate advisory services to both domestic as well as our international clients. 

CIMB Korea currently covers 28 Korean stocks which represent 35% of KOSPI market cap, spanning various sectors such as banking and finance, telecommunications, ship building, transportation, large cap technology, Internet and gaming. By early 3Q 2013, CIMB Korea expects to cover over 80 Korean stocks which would represent more than 70% of the KOSPI market cap. 

CIMB Group is a regional universal bank operating in high growth economies in ASEAN. It is an indigenous ASEAN investment bank and has a wide retail branch network across the region, with over 1,100 branches. Headquartered in Kuala Lumpur, it has a presence in 17 countries, covering ASEAN and major global financial centres. 

Source: CIMB Group