Principal, CIMB Group partner in Southeast Asian venture

Sealing an agreement between their respective firms, representatives from Principal Financial Group and CIMB Group recently passed all regulatory requirements and inked a deal to create a joint venture in asset management.
As per the new contract, Principal retains 60 percent ownership and CIMB retains 40 percent ownership of the newly created CIMB-Principal Asset Management Group and CIMB-Principal Islamic Asset Management.
Management of the affiliated operations will continue to be overseen by both shareholders.
“With the new structure, CIMB-Principal Asset Management Group and CIMB-Principal Islamic Asset Management will offer customers additional products and services to help meet their individual investing outcomes – driven by the expertise of a global asset manager,” Principal officials said in a news release.
As a large indigenous Asian investment bank, CIMB is based in Kuala Lumpur, Malaysia and operates in high-growth economies, mainly Indonesia, Singapore and Thailand, with over 40,000 employees.
Founded in 2006, CIMB has evolved from a primarily merchant-oriented institution to a large regional powerhouse, according to CIMB’s website, with its roots going back almost 90 years. It maintains a wide retail branch network in consumer banking, wholesale banking, comprising investment banking and corporate banking, treasury and markets, and group strategy and strategic investments.
Organizations in this Story
More News
Trending
