CIMB gets Bank Negara nod, completes final piece for CIMB-China Galaxy stockbroking JV

KUALA LUMPUR (Aug 10): CIMB Group Holdings Bhd has received Bank Negara Malaysia's (BNM) approval to incorporate a Malaysia-based joint venture (JV) company as the holding company of Jupiter Securities Sdn Bhd — the platform that will be used for the Malaysia stockbroking business of CIMB and China Galaxy Securities Co Ltd.

In a statement today, CIMB said it and China Galaxy will own equal stakes in the Malaysia JV company through their respective wholly-owned subsidiaries CIMB Group Sdn Bhd and China Galaxy International Financial Holdings Ltd.