KUALA LUMPUR: CIMB Securities Sdn Bhd (CIMB Securities), a wholly owned subsidiary of CIMB Investment Bank Bhd, targets a high single digit growth in its share of the Malaysian capital market by year-end, through its five year investment plan in technology and infrastructure.

Its market share has grown to 4.54 per cent as of March 2024, ranking ninth in the market.

CIMB Securities concluded several substantial block deals and secondary placements valued at close to RM6.3 billion since inception in February 2024.

CIMB Securities Bhd chief executive officer Ruzi Rani Ajith said the group has set aside a significant amount to ensure that it provides digital empowerment not only for operation efficiency but also to democratise products and accessibility to international markets for clients.

"We are committed and we're already starting to invest in technology. It will be over a five-year plan. We have set aside a significant amount to ensure that we provide digital empowerment, not only for operation efficiency but also to democratise products and also accessibility to international markets for our clients," she  told reporters after the CIMB Securities launching ceremony here today.

"It is a very planned process. First, we will be modernising and upgrading our back office system, our front office system and eventually when we are ready, the next phase is where we're going to roll out a digital platform to service our preferred and private banking clients," Ruzi said.

CIMB Group Wholesale Banking co-chief executive officer Novan Amirudin said CIMB Securities' entry to the market strengthens the group's ecosystem, enabling them to complete its comprehensive wholesale banking value proposition to better serve clients through their 'one bank' approach.

"Adopting a structured and phased approach, we have a clear roadmap for the future where we will first focus on the wholesale market, and later to focus on the retail and wealth segment," Novan said.

"We will collaborate with international and regional players, to bring international content and ideas to our clients, but without the cost of "on the ground" teams in the region. We are also investing in technology to scale up our business at the right time," he added.-ends-

https://www.nst.com.my/business/corporate/2024/05/1048674/cimb-securities-targets-single-digit-growth-malaysian-capital