KUALA LUMPUR: CIMB Group Holdings Bhd ’s wholly-owned subsidiary CIMB Group Sdn Bhd (CIMBG) has completed the sale of 24.99% and 25% of its shareholding in CGS-CIMB Securities International Pte Ltd (CSI) and CGS-CIMB Holdings Sdn Bhd (CCH), respectively, to China Galaxy International Financial Holdings Ltd (CGI). CSI and CCH are the holding companies of the group’s stockbroking joint venture (JV) with China Galaxy Securities (CGS), known as CGS-CIMB Securities. In 2018, CIMB Group entered into a 50:50 JV with CGS to operate a regional stockbroking business in Asia. The existing business collaboration between CIMB Group and CGS-CIMB Securities remains and will be operating as usual. The partnership is in line with CIMB Group’s strategic direction to collaborate with the right partners to complement its service offerings and products, it added.

Source: The Star December 08, 2021 06:08 UTC