CIMB eyes banking licences in Vietnam, Myanmar

BANGKOK: Malaysia’s second largest bank CIMB Group is planning to obtain banking licences in Vietnam and Myanmar as part of its drive to expand in fast-growing Southeast Asian markets.

CIMB is also keen to open a banking business in the Philippines and is studying regulations that allow foreign banks to take full control of local lenders, CIMB Group Chief Executive Nazir Razak told reporters on Wednesday.

CIMB aims to open branches in all Southeast Asian countries by 2015 when a planned partial integration of the ASEAN economies will be completed, he said.

CIMB, which is seeking to acquire RHB Capital and Malaysia Building Society to create Malaysia’s largest bank, has been the most acquisitive of the country’s banks.

Source: CHANNEL NEWSASIA

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