13 December 2024
Collaboration leverages CIMB’s ASEAN footprint to fast-track expansion of SPDB’s clients into ASEAN
Kuala Lumpur: CIMB Bank Berhad (“CIMB” or “the Bank”) and Shanghai Pudong Development Bank Co., Ltd. (“SPDB”) have deepened their commitment, through the execution of a Letter of Intent (“LOI”), to provide a comprehensive suite of solutions and services to fast-track expansion of SPDB’s clients into the ASEAN region. The LOI will provide clients an edge through CIMB’s localised and cross-border strengths across several main areas, covering trade settlement and finance; investment consulting services, debt capital markets, treasury & markets, and global payment business.
The collaboration was formalised at the launch of SPDB’s Cross-Border Financial Services, at the headquarters of SPDB in Shanghai, in conjunction with the China International Import Expo (“CIIE”). In addition, it demonstrates commitment from both parties to boost economic growth and foreign investments into the region.
Representing CIMB at the signing of the LOI was Chu Kok Wei, Chief Executive Officer, Wholesale Banking, CIMB Group and Kang Jie, Deputy President of SPDB. The signing ceremony was also attended by more than 100 industry leaders from the local government, regulatory authorities and multinational companies.
Chu Kok Wei, Chief Executive Officer of Group Wholesale Banking, CIMB Group said, “Against the backdrop of the Malaysia-China 50th anniversary of diplomatic relations, we are pleased to play a significant role in the growth of companies in China expanding into ASEAN through our strategic collaboration with SPDB. With our ASEAN presence and deep industry expertise, we aim to help clients advance their aspirations, through seamless and efficient solutions to facilitate their cross-border requirements and venture into this region. We thank SPDB for welcoming CIMB as their sole and preferred banking partner and look forward to a fruitful relationship with meaningful outcomes that will advance further trade relations between the two regions.”
Kang Jie, Deputy President of SPDB stated, “Riding on the rich potential and rapid growth of the ASEAN region, we are proud to be one of the key financial institutions in fulfilling the objectives of our clients in exploring and expanding in the region. We are excited to play a role in igniting greater flows in trade and investments enabled by CIMB’s strong expertise and first-hand experience in catalysing financial and investment growth for many years to come.”
The cooperation between CIMB and SPDB takes place as China-ASEAN cooperation continues to grow and comes at an opportune moment, with Malaysia assuming of the Chairmanship of ASEAN in 2025, providing impetus for many initiatives to unlock the value of ASEAN as a trade and investment destination and benefitting clients through CIMB’s footprint in the region.
