CIMB eyes license in Myanmar
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CIMB Group Holdings plans to seek banking licences in Vietnam and Myanmar as part of its drive to expand in fast-growing Southeast Asian markets, said reports.
Reuters quoted CIMB Group Chief Executive Nazir Razak as saying that the bank, Southeast Asia's fifth-largest bank by assets, is also keen to open a banking business in the Philippines and is studying regulations in the country.
He was in Bangkok on Wednesday to announce that CIMB-Principal AssetManagement Co has signed a deal to acquire Finansa Asset Management Ltd in Thailand.
CIMB is one of 25 foreign banks short-listed in the second round for branch licenses in Myanmar. On the list announced last week, three of them are based in Malaysia including RHB Bank and Maybank.
