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Tag: CIMB bank

  • CIMB divests insurance broking business for RM59.6m

    CIMB divests insurance broking business for RM59.6m

    CIMB Group Holdings Bhd’s wholly-owned indirect subsidiary CIG Bhd yesterday entered into a share purchase agreement with HBG Asia Holdings Ltd and HBG Malaysia Sdn Bhd (Howden) to divest its remaining 51% stake in CIMB Howden Insurance Brokers Sdn Bhd (CHIB) to Howden for RM59.6 million.

    The group said approval from Bank Negara Malaysia in relation to the proposed divestment was received by Howden on Nov 27, 2018.

    “CHIB currently operates an insurance broking business and the proposed divestment is in line with CIMB’s aspirations to further streamline and focus on its core banking businesses. As part of the proposed divestment, CHIB will cease to be an associate of CIG,“ CIMB said.

  • CIMB Bank Philippines teams up with G-Xchange for marketing of financial products

    CIMB Bank Philippines teams up with G-Xchange for marketing of financial products

    CIMB Bank Philippines Inc has signed a memorandum of agreement with G-Xchange, Inc (GXI) for the purpose of creating and marketing financial products on the latter’s digital platform in the Philippines.

    In a filing with Bursa Malaysia, CIMB Group Holdings Bhd said the agreement will be effective for three years from the signing date.

    CIMB Bank Philippines is a foreign bank branch of CIMB Bank Bhd, a 99.99% subsidiary of CIMB Group Sdn Bhd, which in turn is a wholly owned subsidiary of CIMB Group Holdings.

    GXI is a wholly owned subsidiary of Globe Fintech Innovations, Inc, which in turn is owned by Ant Financial, Ayala Corporation and Globe Telecom.

    CIMB Group Holdings’ share price rose 0.67% or 4 sen to close at RM5.98 with 8.52 million shares traded on Friday.

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