CIMB and CCB tie in together
(24 August 2016 – Malaysia) CIMB Bank has appointed China Construction Bank Corp as its sub-custodian bank in China to clear, settle and safekeep China shares, bonds and other investment products on behalf of it and its clients.
In a statement, CIMB Group said both parties also signed a memorandum of understanding where China Construction Bank will likewise appoint CIMB Bank as its sub-custodian bank to clear, settle and safekeep China Construction Bank customers' investment portfolio in Malaysia.
Additionally, both banks agreed to explore further collaboration to appoint each other as onshore settlement agents in respect of each party's inter-bank bond market activities.
CIMB Group regional head of transaction banking Hendra Lembong said under the collaboration, CIMB will be able to support portfolio investments into China for qualified foreign institutional investors, RMB qualified foreign institutional investors and China inter-bond market investors.
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