CIMB Group today announced the launched of “CIMB Middle East BSC (C) [formerly known as CIMB Islamic Investment House BSC (C)], its re-branded joint-venture company with YBA Kanoo, in the Kingdom of Bahrain.
The launch was officiated by His Excellency Mr. Rasheed Mohammed Al Maraj, Bahrain’s Central Bank Governor and HRH Raja Dr Nazrin Shah, Crown Prince of Perak and Financial Ambassador for the Malaysia International Islamic Financial Centre (MIFC). The launch was held at the sidelines of the MIFC Roadshow to Bahrain.
Badlisyah Abdul Ghani, CIMB Group’s Head of Corporate Client Solutions for the MENA Region and Board Member of CIMB Middle East, at the launch explained that CIMB Group is looking at broadening its offering to encompass both conventional and Islamic financial services value propositions as well as enhancing its ability to service its customers by bringing its physical operations beyond the shores of Bahrain into the region as a whole.
“This re-branding exercise is the 2nd phase of our business transformation and growth agenda in the Middle East. CIMB Middle East will continue to be headquartered in the Kingdom of Bahrain and will act as CIMB’s nerve-centre in the Middle East and North Africa (MENA) Region,” said Badlisyah, adding that it will also look at premium value-added quality services that it can offer to clients in the Middle East.
As a step to making its vision and transformation into a regional Middle East player to fruition, CIMB Middle East is also in the process of applying for an advisory and arranging license in the Kingdom of Saudi Arabia (KSA) and would soon set-up its KSA office in Saudi Arabia to support its initiatives and activities there.
Also announced at the launch was the appointment of Mr. Suryono Darnor as the CEO and Board Member of CIMB Middle East. He has over 18 years experience in bridging businesses in the Middle Eastern and the South East Asian financial markets.
"Our re-branding and re-focusing of the joint venture company signifies our continuous believe in the region. Suryono’s appointment is testament to our deep commitment to the Middle East market to better serve our customers as well as bridge the financial divide between the Middle East and Asia," added Badlisyah, who is also Group Head of Islamic Banking, CIMB Group.
CIMB Middle East was established in the year 2006 as joint-venture company between CIMB Group Sdn Bhd and Yusuf Bin Ahmed Kanoo (Holdings) WLL, Bahrain. It represents a strong partnership between CIMB, the largest investment banking group in Southeast Asia and YBA Kanoo, a reputable business entity in the Middle East. CIMB Middle East has an initial issued and paid-up capital of USD20 million and provides advisory and arranging services and solutions to corporate and institutional clients in the Gulf Cooperation Council (GCC) and Middle East region.
The YBA Kanoo Group is one of the largest independent, family owned groups of companies in the Gulf region. Established in Bahrain in 1890 by Haji Yusuf Bin Ahmed Kanoo, the YBA Kanoo Group grew from its early trading and shipping business to become one of the most diversified and highly regarded business houses in the Middle East region and beyond.
With over a century invested in the building of its brand name, YBA Kanoo Group is today a diversified conglomerate with extensive business activities covering major industries such as shipping, oil and gas, finance, power and retail amongst others.
