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Wednesday, 30 May 2007

CIMB eyes more global sukuk deals

Business Times, 30 May 2007

CIMB Group, Malaysia's second biggest bank, is eyeing more Islamic bond (sukuk) deals this year in the international market, its group chief executive Datuk Nazir Razak says. He said the firm hopes to conduct more deals in the international market rather than focus only in the domestic market for the Islamic instrument."Our target this year is to do more sukuk deals which have nothing to do with Malaysia. In fact, we have already started bond deals such as the one we did for the Islamic Development Bank," he told reporters on the sidelines of the Third World Islamic Economic Forum in Kuala Lumpur yesterday.
He said of the total bond market in the country, Islamic bonds currently makes up about 60 per cent."(However) it is hard to estimate a number as it keeps on changing. Over the past several weeks we saw the launch of the Maxis Communications Bhd's privatisation deal and their intention to seek Islamic financing for the deal," he said.On its banking business, Nazir said CIMB is looking to expand further in Thailand and Vietnam, as part of its ambition in becoming a regional player in the sector.CIMB, through CIMB-GK Securities (Thailand) Ltd, has the licence to trade stocks as well as carry out corporate advisory work such as initial public offerings."We have already established our stockbroking operations in Thailand, and thus, it would be logical for us to evolve into a banking franchise there in the future," he said.
However, CIMB has yet to enter into any discussions with any parties over its possible venture in Thailand. CIMB already has a strong investment banking and stockbroking franchise in Kuala Lumpur, Singapore and Jakarta. It also has its South-East Asian equity sales teams based in Hong Kong, London and New York.

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