CIMB marks entry into India
CIMB Group has opened its Mumbai representative office in Bandra Kurla Complex as its first step into India.
KUALA LUMPUR: CIMB Group Holdings Bhd yesterday opened an office in Mumbai, India, and formed a working partnership with commercial lender Kotak Mahindra Bank Ltd, marking its maiden entry into the Indian market.
"Our Mumbai representative office in Bandra Kurla Complex is our first step into India. Given our strong cultural linkages and India's position as a major trade and investment partner for Malaysia and the region, CIMB is positioning itself to facilitate the flow of goods, capital and business partnerships between India and Asean," group chief executive Datuk Seri Nazir Razak said in a press release issued by CIMB from the southern Indian city after the launch and signing ceremony.
Data from India's central bank shows that there was about US$13.2 billion (RM38.94 billion) of deal activity between India and Asean from 2007 to June 2011.
CIMB's partnership with Kotak Mahindra Bank will see the two parties explore opportunities arising from cross-border investments and trade flows, with a focus on select countries in the India-Asean corridor.
The cooperation will cover areas like merger and acquisition advisory, trade finance and remittance.
The partnership with Kotak Mahindra Bank is an important strategic move for CIMB, Nazir said, adding that the two made an "obvious" fit.
The bank is part of the Kotak Mahindra Group, one of India's leading financial services conglomerates with a net worth of about US$2.5 billion (RM7.37 billion), which also has interests in stockbroking, mutual funds, life insurance and investment banking.
"We see this as a significant opportunity for two financial conglomerates to leverage their strengths to serve respective customers better in the Indo-Asean corridor across a range of financial services," said Uday Kotak, executive vice chairman and managing director of Kotak Mahindra Bank.
Asean is emerging as a significant destination for India's outward foreign direct investments, accounting for 27 per cent of overall investments of US$43.9 billion in 2010 to 2011.
The first two months of this year saw Asean absorbing 21 per cent of India's outward investments of US$5 billion.
KUALA LUMPUR: CIMB Group Holdings Bhd yesterday opened an office in Mumbai, India, and formed a working partnership with commercial lender Kotak Mahindra Bank Ltd, marking its maiden entry into the Indian market.
Data from India's central bank shows that there was about US$13.2 billion (RM38.94 billion) of deal activity between India and Asean from 2007 to June 2011.
CIMB's partnership with Kotak Mahindra Bank will see the two parties explore opportunities arising from cross-border investments and trade flows, with a focus on select countries in the India-Asean corridor.
The cooperation will cover areas like merger and acquisition advisory, trade finance and remittance.
The partnership with Kotak Mahindra Bank is an important strategic move for CIMB, Nazir said, adding that the two made an "obvious" fit.
The bank is part of the Kotak Mahindra Group, one of India's leading financial services conglomerates with a net worth of about US$2.5 billion (RM7.37 billion), which also has interests in stockbroking, mutual funds, life insurance and investment banking.
"We see this as a significant opportunity for two financial conglomerates to leverage their strengths to serve respective customers better in the Indo-Asean corridor across a range of financial services," said Uday Kotak, executive vice chairman and managing director of Kotak Mahindra Bank.
Asean is emerging as a significant destination for India's outward foreign direct investments, accounting for 27 per cent of overall investments of US$43.9 billion in 2010 to 2011.
The first two months of this year saw Asean absorbing 21 per cent of India's outward investments of US$5 billion.
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