CIMB forms joint venture partnership in Sri Lanka

CIMB Group Holdings ("CIMBGH") entered into a joint venture with two leading Sri Lankan individuals to establish an investment banking and corporate advisory presence in Sri Lanka. The agreement was signed today between CIMB Group, Mr Alex Lovell and Ms Reshani Dangalla.

CIMB Group holds 51% of the joint venture's share capital through its wholly owned subsidiary CIMB Securities International Pte Ltd ("CIMBSI"), with the remaining 49% held by Lovell and Dangalla. Shareholders have committed up to USD2 million for the venture.

(L-R): Mr. Kenny Kim, Group Chief Financial Officer, Group Strategy and Finance, CIMB Group, Dato' Charon Wardini Mokhzani, Deputy Chief Executive Officer, Corporate and Investment Banking, CIMB Group, Dato' Sri Nazir Razak, Group Chief Executive, CIMB Group, Mr. Alex Lovell and Ms. Reshani Dangalla during the exchange of documents of agreement

(L-R): Mr. Kenny Kim, Group Chief Financial Officer, Group Strategy and Finance, CIMB Group, Dato' Charon Wardini Mokhzani, Deputy Chief Executive Officer, Corporate and Investment Banking, CIMB Group, Dato' Sri Nazir Razak, Group Chief Executive, CIMB Group, Mr. Alex Lovell, Ms. Reshani Dangalla

The new entity will leverage the expertise and extensive local and regional network of the partners to provide Investment Banking advisory services to a fast growing domestic investment and capital market. The services will include broad corporate finance advisory capabilities as well as structuring of equities and fixed income securities.

"We are impressed by the growing level of industrial and financial activity in Sri Lanka and believe in its economic growth potential. Many of our ASEAN clients are already significant trade partners and investors here. We want to work with them and also encourage our other clients to explore opportunities in Sri Lanka," said Dato' Sri Nazir Razak, Group Chief Executive, CIMB Group.

Speaking at the signing ceremony, Lovell said that Sri Lanka is becoming an interesting Investment destination. "The outlook is bright for Sri Lanka. We have experienced significant economic development and are supported by a good regulatory and policy environment including strong incentives provided by the Sri Lankan Government. Therefore in terms of timing, this new venture is perfect," said Lovell.

Reshani Dangalla in her welcome speech quoted; "Sri Lanka has emerged and the international business community is paying attention, as we saw during the country's hugely successful recent sovereign debt issue. The establishment of this partnership with a leading ASEAN universal banking group is yet another great endorsement of Sri Lanka's potential."

Alex Lovell is a distinguished investment banker of Sri Lankan descent based in Sri Lanka, Saudi Arabia and Australia. Amongst his other roles, he is Deputy Chairman of Sri Lanka's Union Bank. He is a member of the Chartered Institute of Management Accountants (UK) and Associate fellow of the Australian Marketing Institute. He was awarded the "Most Distinguished Order Of The British Empire by Her Majesty The Queen Of England," (MBE) for his contribution to Investment Banking.

Reshani Dangalla has extensive corporate and investment banking experience, gained in leading global financial institutions operating in Asia. Dangalla is based in Singapore and holds degrees in Business and Economics from Washington College, U.S.A. and a Post Graduate Degree from University of Kellaniya, Sri Lanka.

About CIMB Group

CIMB Group is Malaysia's second largest financial services provider and one of ASEAN's leading universal banking groups. It offers consumer banking, investment banking, Islamic banking, asset management and insurance products and services. Headquartered in Kuala Lumpur, the Group is now present in 8 out of 10 ASEAN nations (Malaysia, Indonesia, Thailand, Singapore, Cambodia, Brunei, Vietnam, and Myanmar). Beyond ASEAN, the Group has market presence in China, Hong Kong, Bahrain, India, Sri Lanka, the US and UK.

With the largest branch network in ASEAN of 1,105 branches as at 30 June 2011, the bank is helmed by people from the region. We reach at least 81% of the ASEAN population, representing 89% of the region's GDP.

The Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the majority shareholder of Bank CIMB Niaga in Indonesia, and the single largest shareholder of CIMB Thai in Thailand.

CIMB Group is listed on Bursa Malaysia via CIMB Group Holdings Berhad. It has a market capitalisation of approximately US$22 billion as at 30 June 2011. The Group has over 39,000 employees located in 14 countries.