(26 March 2013 – South Korea) CIMB has opened an Investment Banking and Brokerage business in Korea, and is the first ASEAN financial institution to obtain an equities brokerage license since 2002.CIMB has begun its new business in Seoul, South Korea, after successfully obtaining the license from the Financial Services Commission (FSC) of Korea.
CIMB Securities Limited, Korea Branch (CIMB Korea) is the first ASEAN financial institution to be granted its equities brokerage license through an application process.
‘We are delighted to have gotten off the ground in Korea. This is a continued expansion of our North Asia investment banking platform and brings us closer to comprehensively covering all key Asia Pacific ex-Japan markets. We can now offer our global clients access to the Korean equity market and catalyse more business and investment flows between Korea and ASEAN,” said Dato’ Sri Nazir Razak, Group Chief Executive, CIMB Group.
John Choi, the Branch manager and the head of Equities, and Sean Cho, the Head of Investment Banking will lead the 39-strong team in Korea, providing stock brokerage, research and corporate advisory services to both domestic as well as our international clients.
CIMB Korea currently covers 28 Korean stocks which represent 35 percent of KOSPI market cap, spanning various sectors such as banking and finance, telecommunications, ship building, transportation, large cap technology, Internet and gaming
By early 3Q 2013, CIMB Korea expects to cover over 80 Korean stocks which would represent more than 70 percent of the KOSPI market cap.