Malaysian Banks Should Boost Investment in Vietnam: CIMB
CIMB Group has advised Malaysian banks to boost investments in Vietnam, the Thoi Bao Ngan Hang newspaper quoted Kenny Kim, the chief financial officer of the group, as saying.
Malaysian banks should take the opportunity to increase their presence in Vietnam as there are still not many players in the growing market, Kim said.
He added that the group’s strategy will focus on integrating its banks in the region by leveraging their strengths to build a leading universal banking franchise in South-East Asia .
Among members of CIMB, CIMB Niaga, Bank Niaga, and Bank Lippo have achieved market leadership in various areas in the Southeast Asian region.
CIMB Niaga is now dominant in capital market franchising, Bank Niaga - strong in retail and corporate banking and Bank Lippo - a leader in transaction banking.
Currently, CIMB Group is the second largest financial services provider in Malaysia and ranks fifth in Southeast Asia. The group’s main markets are Malaysia, Indonesia and Singapore.
Investment activities overseas accounted for 22% of CIMB’s pretax profits in the first six months this year, compared to 12% last year.
CIMB are among six Malaysian banking groups operating in foreign countries. The other five are Malayan Banking Bhd (Maybank), Hong Leong Bank Bhd, Public Bank Bhd, RHB Banking group and AmBank Group. (Banking Times)
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