Slaughter and May advised CIMB Group Holdings Berhad, one of ASEAN’s leading universal banking groups, on a joint venture with China Galaxy Securities Co. Ltd., one of the PRC’s leading integrated service providers in the securities industry
CIMB and China Galaxy have completed the sale by CIMB to China Galaxy of a 50 per cent. interest in CIMB Securities International Pte Ltd (“CSI”), the holding company of CIMB’s ex-Malaysia stockbroking business, which comprises institutional and retail brokerage, equities research and associated securities businesses across Indonesia, Singapore, Thailand, Hong Kong, South Korea, India, the United Kingdom and the United States of America.
CSI will be rebranded as CGS-CIMB Securities once relevant regulatory approvals are obtained.
The 50:50 joint venture marks the first foray by a Chinese stockbroker into Southeast Asia and enables the development of a Pan-Asian brokerage to capitalise on increasing cross-border investments under China’s Belt and Road Initiative.
The Slaughter and May corporate team was led by David Watkins (partner, in picture), Roger Cheng (partner), Rahul Mehta (associate), Meredith Lee (trainee)
Law Firms: Slaughter and May;
Clients: CIMB Group;