CIMB ties up with Fajr Capital

PETALING JAYA: CIMB Group Holdings Bhd yesterday announced its strategic partnership with Dubai-based private equity investor Fajr Capital to facilitate deal origination, cross-distribution and collaborative marketing of both firms' core products and services in the Asia Pacific and Middle East.
In a statement yesterday, CIMB CEO Tengku Zafrul Aziz said this partnership is another step towards business consolidation and resource optimisation in line with the group's recalibration strategies to achieve the 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." he noted.
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 CIMB to not only maintain and strengthen its presence in the Middle East market, but also broaden its reach. Consequently, it will close its office in Bahrain once it has obtained the necessary approvals from relevant regulators.