CIMB opens office in Brunei<\/p>\n
Shanthy Nambiar, Bloomberg, Bangkok<\/p>\n
CIMB Bhd., the investment banking unit of Bumiputra-Commerce
\nHoldings Bhd., Malaysia's second- largest bank, has opened an
\noffice in Brunei to expand its banking services outside Southeast
\nAsia's third-biggest economy.<\/p>\n
CIMB Brunei will provide investment banking and Islamic
\nfinancial services in Brunei, the bank said in an e-mailed
\nstatement. Brunei, a sultanate of about 357,800 people, is the
\nthird-largest oil producer in Southeast Asia and Islam is the
\nofficial religion, according to the government's Web site.<\/p>\n
"Our presence in Brunei is a testimony to our commitment to
\nregionalization and in particular the development of regional
\nIslamic banking," CIMB's Chief Executive Nazir Razak said in the
\nstatement. "Brunei and Malaysia share a common aspiration in
\ndeveloping Islamic banking."<\/p>\n
Malaysia is the biggest issuer of Islamic securities in the
\nworld, ahead of Bahrain. Sales of Islamic bonds by Malaysian
\ncompanies has totaled 21.9 billion ringgit (US$5.8 billion) in
\nthe first nine months this year, compared with 9.1 billion
\nringgit in the whole of 2004, government figures show. About two-
\nthirds of the nation's 26 million people are Muslim.<\/p>\n
Islamic law, or Shariah, doesn't allow interest payments and
\nbans investment in businesses such as gambling, alcohol and
\ntobacco. CIMB, Malaysia's biggest investment bank, ranks first
\namong Islamic debt underwriters in the world so far this year,
\nhandling $1.2 billion of sales, according to Bloomberg data.
\nDubai-based HSBC Amanah, a unit of HSBC Holdings Plc in the U.K.,
\nwas in second place with $1.1 billion in sales.<\/p>\n
Bumiputra-Commerce Holdings on Nov. 17 said third-quarter
\nprofit surged 70 percent to 245.5 million ringgit after it earned
\nmore from lending and reaped the first gains from its Singapore
\nbroking unit.<\/p>\n
The group has a 63.4 percent stake in Jakarta, Indonesiabased
\nPT Bank Niaga. In June, it bought brokerage G.K. Goh Holdings
\nLtd. in Singapore to reinforce its domestic operations and expand
\nfinancial services elsewhere in Southeast Asia. G.K. Goh also
\ngave Bumiputra-Commerce a foothold in the stock broking business
\nin Indonesia, Hong Kong, Thailand, the U.K. and U.S.<\/p>",
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