CIMB Group launches CIMB Middle East BSC

Written by The Edge FinancialDaily
Friday, 16 October 2009 16:55

BAHRAIN: CIMB Group has launched CIMB Middle East BSC (C), formerly known as CIMB Islamic Investment House BSC (C), as it looks to expand its offering to encompass both conventional and Islamic financial services.

Bahrain's Central Bank Governor Rasheed Mohammed Al Maraj and Crown Prince of Perak Raja Dr Nazrin Shah, who is financial ambassador for the Malaysia International Islamic Financial Centre (MIFC), launched the company here on Thursday, Oct 15.

CIMB Middle East BSC is the re-branded joint-venture company with the family-owned YBA Kanoo Group in Bahrain. The launch was held at the sidelines of the MIFC Roadshow to Bahrain.

Badlisyah Abdul Ghani, CIMB Group's head of corporate client solutions for the Middle East and North Africa (MENA) Region, said CIMB Group was looking to broaden its offering.

The objective, he said, was to encompass both conventional and Islamic financial services value proposition and enhance its ability to service its customers by bringing its physical operations beyond the shores of Bahrain into the region as a whole.

"This re-branding exercise is the second phase of our business transformation and growth agenda in the Middle East," said Badlisyah, who is a board member of CIMB Middle East.

He said CIMB Middle East would continue to be based in Bahrain and be CIMB's nerve-centre in the MENA region.

Part of the plans were to also look at premium value-added quality services which it could offer to clients in the Middle East.

CIMB Middle East is also in the process of applying for an advisory and arranging licence in Saudi Arabia. This would see it setting up its office in Saudi Arabia to support its initiatives and activities there.

Badlisyah, who is also Group Head of Islamic Banking, CIMB Group said Suryono Darnor was appointed CEO and board member of CIMB Middle East.

Suryono has over 18 years experience in bridging businesses in the Middle Eastern and the Southeast Asian financial markets.

"Our re-branding and re-focusing of the joint venture company signifies our continuous believe in the region. Suryono's appointment is testament to our deep commitment to the Middle East market to better serve our customers as well as bridge the financial divide between the Middle East and Asia," he added.

CIMB Middle East was established in 2006 as a JV between CIMB Group Sdn Bhd and Yusuf Bin Ahmed Kanoo (Holdings) WLL, Bahrain.

CIMB Middle East has a paid-up of US$20 million and provides advisory and arranging services and solutions to corporate and institutional clients in the Gulf Cooperation Council (GCC) and Middle East region.

The YBA Kanoo Group, one of the largest independent, family owned groups of companies in the Gulf region, was established in Bahrain in 1890 by Haji Yusuf Bin Ahmed Kanoo.

Since then, the YBA Kanoo Group had transformed from its early trading and shipping business to become one of the most diversified business houses in the Middle East and beyond.

YBA Kanoo Group has extensive business activities covering major industries such as shipping, oil and gas, finance, power and retail amongst others.