CIMB begins investment banking in India

CIMB now in all major APAC markets except Taiwan.

Malaysia’s CIMB Group has started its investment banking and brokerage businesses in Mumbai after obtaining a stock broking license from the Securities and Exchange Board of India.

CIMB Securities (India) Pte. Ltd. provides research coverage on 110 Indian stocks, or 72% of the domestic market cap, across 13 sectors including IT software services, banking and finance, oil and gas, real estate and telecommunications.

By this third quarter, CIMB India plans to extend its research coverage to 150 Indian stocks, or 85% of the domestic market cap.

CIMB Group chief executive Datuk Seri Nazir Razak said India is a mega economy and an essential market for any major investment bank. He noted that Taiwan was expected to come on board next month, and then “. . . we will be definitively the biggest APAC-based investment bank.”

CIMB Group is Malaysia’s second largest financial services provider and one of ASEAN’s leading universal banking groups.