CIMB, RBS confirms business cooperation

CIMB and RBS confirmed their mutual understanding to cooperate in various areas of business through a cooperation agreement.

The CA covered potential collaboration in capital markets activities, mergers and acquisitions, equities, derivatives, loan markets, trade advisory and trade financing solutions, cash management services and agent or custodian bank arrangements.

The CA came after CIMB's announcement to acquire RBS' Asia Pacific cash equities and associated investment banking businesses, reports Bernama.

"This will provide a framework for our ex-RBS team to continue to work together with their ex-colleagues in areas of mutual interest between RBS and CIMB," said CIMB Group Chief Executive Datuk Seri Nazir Razak.

Nazir signed the agreement on behalf of CIMB Group while Madan Menon, Head of Asia Pacific International Banking RBS, represented the RBS group.