India's Kotak Mahindra Bank has entered into a business cooperation arrangement with Malaysia's CIMB Group to cooperate and explore opportunities arising from cross border business, investment and trade flows, with a focus on select countries in the India-ASEAN corridor.
The cooperation would cover various businesses of mutual interest including M&A advisory, Trade Finance and other corporate solutions, and NRI Banking & Remittances, subject to relevant regulations.
Kotak Mahindra Bank executive vice-chairman and managing director Uday Kotak said they are delighted at this cooperation with a reputed and large regional financial institution of the stature of CIMB.
"We see this as a significant opportunity for the two financial institutions to leverage their strengths to serve respective customers better in the Indo-ASEAN corridor across a range of financial services," he added.
Headquartered in Kuala Lumpur, the CIMB Group is present in eight 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, the US and the UK.
CIMB Group offers consumer banking, investment banking, Islamic banking, asset management and insurance products and services.