By Ying Xian Wong


CIMB Group Holdings has completed its acquisition of KAF Equities through CIMB Investment Bank, and will rebrand it as CIMB Securities.

The Malaysian bank said the move aligns with its aim to enhance in-house capabilities, bolstering its wholesale banking business in Malaysia, according to a statement late Thursday.

It didn't provide the financial details of the deal.

This follows CIMB's recent divestment of its residual stake in a stockbroking joint venture with CGS International Holdings in December. CIMB said the collaboration with CGS in retail and wealth business remains intact.

CIMB Securities will offer a full suite of equities services, integrated with other wholesale banking products, such as financing, cash management, treasury and investment banking advisory, the bank said.

This is also in line with CIMB's five-year blueprint to focus on key markets and segments, CIMB Chief Executive Abdul Rahman Ahmad said.

Ruzi Rani Ajith will lead CIMB Securities as CEO, reporting to Novan Amirudin, the co-CEO of CIMB group wholesale banking, the bank added.


Write to Ying Xian Wong at yingxian.wong@wsj.com


(END) Dow Jones Newswires

02-08-24 0504ET