CIMB may start broking in India and South Korea

CIMB Group may start broking operations in India and South Korea after buying most of RBS Group’s Asian investment banking assets.

The Malaysian lender may acquire existing broking licenses or apply for new ones in both countries, according to Nazir Razak, CIMB’s chief executive officer.

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.”

For more.

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