CIMB Group Holdings Bhd. shuttered its investment banking business in Hong Kong, Reuters reported Aug. 2, citing Jefferi Hashim, CEO of CIMB Investment Bank Bhd.
The Malaysian banking group said it will continue to support its existing clients in Hong Kong through its pan-Asian collaboration with China Galaxy Securities Co. Ltd. The group reportedly let go of 10 investment bankers in Hong Kong, leaving only one to oversee the transition.
In 2017, CIMB Group unit CIMB Group Sdn. Bhd. agreed to sell half of CIMB Securities International Pte. Ltd. to China Galaxy International Financial Holdings Ltd. Following the sale, CIMB Securities International became a joint venture between CIMB Group and China Galaxy Securities.