SECURITY Bank Corp. and the Malaysian lender CIMB Bank have fortified their collaborative effort to now include investment banking.
Security Bank EVP and Head of Corporate and Investment Banking Segment Eduardo M. Olbes said the partnership with CIMB has expanded from research and brokerage to investment banking.
Security Bank writes research notes co-branded with CIMB and released through the CIMB system.
“The strength of CIMB is that it has a regional network. There are companies that we’ve taken on the road to meet with investors in partnership with CIMB,” he said.
Olbes, who attended the recent CIMB conference in Malaysia, said CIMB wants to expand its operations in the Philippines. “They are exploring all options including possibly, applying for a foreign bank license with Bangko Sentral ng Pilipinas [BSP],” plus the likelihood of acquiring equity shares in a local bank.
Last year CIMB announced plans to merge with two other banks to become the largest bank ever in Malaysia. They later abandoned the plan, but are now reassessing options with various other markets.
Olbes said CIMB once looked at the Bank of Commerce for possible acquisition. As for Security Bank, he said they are always open in considering opportunities to partner with other banks.
“For us, there has to be a clear rationale for doing so. Partners need to bring capabilities that will help us grow the franchise of our business. We’re open, but nothing is being considered over the near term,” he said.