KUALA LUMPUR: CIMB Group says all requisite approvals had been obtained for the closure of its Middle East indirect wholly-owned subsidiary, CME.
Following this, CME would cease to be a subsidiary of CIMB.
Group chief executive Tengku Datuk Seri Zafrul Aziz said the closure of CME is in line with the group's business consolidation and resource optimisation.
“CIMB remains committed to the Middle East through our partnership with Fajr Capital, which has a strong network in the Middle East.
“The partnership with Fajr Capital will also leverage on CIMB's strong Asean network, to facilitate deals between the two economic regions with an expanding middle-class population, a high percentage of young people and strong growth prospects, moving forward,” he said in a statement.
CIMB said the closure of CME would not have any effect on the share capital of the group and substantial shareholders’ shareholding in the company, and does not have any material effect on the group’s consolidated earnings and net assets.
The CIMB-Fajr partnership encompasses cross-marketing and distribution of each partner’s products, services and deals, with a focus on, among others, Islamic treasury, capital market solutions, asset management services and strategic investments.
This enables CIMB to not only maintain and strengthen its presence in the Middle East market, but also broaden its reach.
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