BUSINESS

CGS INTERNATIONAL COMPLETES ACQUISITION OF CGS-CIMB SECURITIES

29/12/2023 09:17 PM

KUALA LUMPUR, Dec 29 (Bernama) -- CGS International Holdings Ltd (CGI) has acquired CIMB Group Sdn Bhd’s remaining stake in CGS-CIMB Securities.

The acquisition comprises CIMB Group’s 25.01 per cent stake in CGS-CIMB Securities International Pte. Ltd (CSI) and the group’s 25 per cent stake in CGS-CIMB Holdings Sdn Bhd (CCH).

CSI and CCH are collectively referred to as “CGS-CIMB Securities”.

“Following the completion of the acquisition of the second call option, CGS-CIMB Securities is now wholly owned by CGI,” CGS-CIMB Securities said in a statement today.

CGS-CIMB Securities said it will continue to offer a comprehensive suite of customer-centric services and products such as equities trading, leveraged products, wealth management, investment banking, equities research and prime brokerage services, among others.

CGS-CIMB Group chief executive officer Carol Fong said since 2018, CGS and CIMB Group have partnered to grow CGS-CIMB Securities into one of the leading integrated financial service providers in Asia.

“Moving forward, we will strengthen our unique position as the nexus for China-ASEAN relations and the gateway to Asia, and leverage our CIC and CGS parentage to connect our clients with more investment opportunities in the region, particularly in China,” she said.

CGI is a subsidiary of China Galaxy Securities Co Ltd, the fourth largest securities firm in China.

In 2018, CIMB Group and CGI entered into a partnership to operate a regional stockbroking business in Asia, through the sale of CIMB Group’s 50 per cent stake in its stockbroking business to CGI.

The sale incorporated call options for CGI to acquire CIMB Group’s stake in CGS-CIMB Securities over a period of time.

CGI had exercised its first call option and completed the acquisition of the 24.99 per cent and 25 per cent stake in CSI and CCH, respectively, from CIMB Group in December 2021.

-- BERNAMA

 

 


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