CIMB eyes Jupiter Securities to facilitate JV with Chinese brokerage

Sources said that CIMB was looking at acquiring Jupiter Securities mainly to get an additional licence for its stock broking business that would eventually merge with China Galaxy Securities as part of a wider exercise to expand its reach and reduce cost. At the moment, CIMB already has a stock broking licence under its investment bank (IB). However, sources said it required another licence for the JV company that it is setting up with China Galaxy Securities to operate in Malaysia

PETALING JAYA: CIMB Group Holdings Bhd is looking at acquiring Jupiter Securities Sdn Bhd from Olympia Industries Bhd for more than RM50mil as part of a larger corporate exercise to facilitate its joint venture (JV) with China Galaxy Securities Co Ltd.

Sources said that CIMB was looking at acquiring Jupiter Securities mainly to get an additional licence for its stock broking business that would eventually merge with China Galaxy Securities as part of a wider exercise to expand its reach and reduce cost.