CIMB Group makes foray into India

KUALA LUMPUR: CIMB Group made its foray into India with the opening of its Mumbai office while it also signed a business cooperation arrangement with Kotak Mahindra Bank Ltd (Kotak).

The group chief executive of CIMB Group, Datuk Seri Nazir Razak said on Tuesday, Aug 2 the Mumbai representative office in Bandra Kurla Complex was its 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,” he said.

CIMB’s partnership in India with Kotak will see both parties cooperate and explore opportunities arising from cross border investments and trade flows, with a focus on select countries in the India-Asean corridor. The cooperation would cover areas of mutual interest including M&A advisory, trade finance and remittance.

"Our partnership with Kotak is an important strategic move for CIMB Group. The DNA and associated fit between our two organisations are obvious and given the expected business flows between India and Asean, I think this partnership will prove a great success," added Nazir.