Daewoo Establishes Ties With Malaysia’s CIMB

Daewoo Securities has forged an alliance with Malaysia's leading investment bank CIMB.

Under the agreement, both sides will cooperate in investment banking, M&A consulting, and initial public offerings. The Korean brokerage said it will receive business support and know-how from CIMB to launch Islamic financing in Malaysia, the Islamic finance hub of Asia.

CIMB Investment Bank is a unit of CIMB Group, which conducts a wide range of financial businesses from consumer banking and Islamic banking to asset management.

``As a global leader in Islamic investment banking and a major Southeast Asian banking franchise, we look forward to contributing our expertise and regional reach to Daewoo and the Korean market generally,'' said Dato' Nazir Razak, CEO of CIMB, said in a statement. ``This alliance will give Korean investors easier access to Southeast Asian stocks and will also give our clients access to the Korean market.''

CIMB said both sides will establish an alliance initiative committee, consisting of officials from the two companies to jointly develop strategies and coordinate business plans.

Daewoo said it will continue to seek partnerships with leading financial companies to expand investment banking, wealth management and brokerage services globally.

``We will push forward plans to establish global alliances with top securities companies in emerging countries such as China, Brazil, Vietnam and Indonesia as a means to widen our niche in investment banking, wealth management and brokering,'' said its CEO Kim Sung-tae, after a signing ceremony held with CIMB in Kuala Lumpur, Malaysia.

Kim said through global ties, the company seeks to boost its business portfolio and become Asia's leading investment bank by 2015.

phk@koreatimes.co.kr