CIMB Group Holdings Berhad (“CIMB” or “the Group”), one of ASEAN’s largest universal banks, and Fajr Capital (“Fajr”), a leading private equity investor in the Middle East and wider Asia, today announced a strategic partnership for enhanced collaboration between the two institutions.
Harnessing their individual expertise, the partnership between CIMB and Fajr Capital will facilitate deal origination and the cross-distribution and collaborative marketing of the firms’ core products and services through their extensive clientele network in the Asia Pacific and the Middle East, respectively.
Tengku Dato’ Sri Zafrul Aziz, Group Chief Executive, CIMB Group, said, “This partnership is another step towards business consolidation and resource optimisation in line with our recalibration strategies to achieve our T18 aspirations. CIMB remains committed to the Middle East and as we tap on Fajr’s strong network, CIMB’s renowned investment banking capabilities will, in turn, provide Fajr access to the Asia Pacific market, enabling the partnership to effectively facilitate deals between two economic regions with an expanding middle-class population and strong growth prospects, moving forward. ”
“The signing of this strategic partnership sends a clear signal that both CIMB and Fajr Capital are deeply committed to the Asia Pacific and Middle East regions,” added Iqbal Khan, CEO of Fajr Capital. “We look forward to continue working closely with colleagues at CIMB to explore strategic investment opportunities and advance the financial services sector across our constituent markets.”
The CIMB-Fajr partnership encompasses multiple levels of collaboration between both firms. In cross-marketing and distributing each partner’s products, services and deals, the partnership will focus on, among others, Islamic treasury, capital market solutions, asset management services and strategic investments.
This new partnership enables the Group to not only maintain and strengthen its presence in the Middle East market, but also broaden its reach. Consequently, CIMB will close its office in Bahrain once it has obtained the necessary approvals from the relevant regulators.