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Daily Dispatches: CIMB keeps on expanding in Asia

India feeling the pain

India feeling the pain

Earlier this month we reported that CIMB was hiring equity researchers in Hong Kong. This is just a small part of the firm’s growth plans.

The Malaysian bank is now starting an investment banking and brokerage business in India, after winning a licence from the local securities regulator. Devesh Kumar will lead a 60-strong team in India, which will offer investment banking, equities brokerage and research to both domestic and international clients.

Meanwhile, Pramit Jhaveri, Citi’s India CEO, has some words of warning today about doing investment banking in India.

India, however, is not the only place where CIMB is expanding. It opened brokerage and corporate advisory services in Korea three weeks ago and a new office in Taipei is next on the list.

Transaction attraction (FT)
The formerly staid and dull sounding world of cash management and transactions services is the hot new battle ground for banking in Asia.

Citi chief (Finance Asia)
Citi appoints new Philippines head as Sanjiv Vohra quits.

China moves (Asian Banking & Finance)
Senior executive movements at China’s top banks.

Super returns (Sydney Morning Herald)
Returns for median superannuation funds in Australia declined in March, but look likely to report double-digit returns this financial year.

Bad mouthing (Asia One)
Want that job? Don’t bad-mouth your ex-boss, say experts in Singapore.

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