CIMB to engage in RI capital market<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
Malaysia's leading securities firm Commerce International
\nMerchant Bankers Berhard (CIMB) launched its Indonesian unit PT
\nCIMB Niaga Securities with the aim of becoming a major player in
\nIndonesia's growing capital market.<\/p>\n
Chief executive officer (CEO) of CIMB Dato' Nazir Razak said
\nthat CIMB Niaga had been set up due to optimism about the future
\nof the Indonesian economy.<\/p>\n
\"We are here because we are confident in the country, and that
\nthere will be more investors coming in,\" said Razak during a
\npress conference on Monday.<\/p>\n
CIMB owns a 51 percent stake in CIMB Niaga, while the
\nremaining 49 percent is owned by Bank Niaga. CIMB is a unit of
\nMalaysian financial group Commerce Asset Holding Berhard.<\/p>\n
Commerce Asset purchased a controlling 51 percent stake in
\nBank Niaga in 2002 from the Indonesian Bank Restructuring Agency.<\/p>\n
Razak said that in a bid to become a major player in the
\ncountry's capital market, CIMB Niaga planned to acquire several
\nlocal small-scale securities firms.<\/p>\n
However, he declined to name the target companies or the funds
\nneeded for the acquisition plan.<\/p>\n
Razak is optimistic that CIMB Niaga will be among the
\ncountry's 10 largest securities firms by 2006 as its parent
\ncompany CIMB will bring Malaysian investors into the country.<\/p>\n
Not only Malaysian investors, but also international clients
\nof CIMB would be guided into the country, he said.<\/p>\n
\"Once we set up operation here, we will invite Malaysian and
\ninternational customers who use us back in Malaysia to
\nIndonesia,\" said Razak, who is the son of Tun Abdul Razak,
\nMalaysian prime minister from 1970 to 1976.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/cimb-to-engage-in-ri-capital-market-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}