CIMB sets up nerve centre in Mena to tap Mideast growth

CIMB Islamic Investment House BSC is now known as CIMB Middle East BSC and will act as CIMB Group's nerve centre in the Middle East and North Africa (Mena) region.
The rebranded entity was launched by the Raja Muda of Perak Raja Dr Nazrin Shah who is Malaysia International Islamic Financial Centre (MIFC) financial ambassador and Bahrain Central Bank governor Rasheed Mohammed Al Maraj in conjunction with the MIFC road show here.
CIMB Group's head of corporate client solutions for the Mena Region and a CIMB Middle East board member, Badlisyah Abdul Ghani, said the rebranding exercise was the second phase of the firm's business transformation and growth agenda in the Middle East.
Established in 2006 and licensed in Manama, CIMB Islamic Investment House was CIMB Group's first foray into the Middle East and a joint venture with Yusuf Bin Ahmed Kanoo Holdings WLL, a reputable and wellestablished blue chip entity.
CIMB Middle East, with an initial issued and paid-up capital of US$20 million (RM67.17 million), provides advisory and arranging services as well as solutions to corporate and institutional clients in the Gulf Cooperation Council and Middle East region. Badlisyah said CIMB Middle East was in the process of applying for an advisory and arranging licence from the Saudi government and would set up an office in Saudi Arabia to support its initiatives and activities there.
Badlisyah who is also CIMB Group head of Islamic Banking, also announced the appointment of Suryono Darnor as CIMB Middle East chief executive officer and board member.
Suryono has over 18 years experience in bridging businesses in the Middle Eastern and South East Asian financial markets. — Bernama (Oct 15, 2009)