CIMB Australia and Morgans Sign Strategic Alliance Agreement
Release Date - 10th May 2013
CIMB Securities International (Australia) Pty Ltd (CIMB Australia) and Morgans Holdings Pty Limited (Morgans) today entered into a strategic alliance agreement for the provision of research reports and cooperation on corporate advisory and capital markets work in Australia.
Under the agreement, CIMB Australia will provide ASX-listed equities, commodities and economic research reports to Morgans for distribution to their clients, as well as access to certain proprietary database platforms and research data. CIMB Australia and Morgans will also work collaboratively to manage equity capital markets (ECM) mandates, and leverage the retail and institutional distribution platforms of CIMB and Morgans, in Australia, Asia and the rest of the world.
The agreement was signed by Nick Rowe, Country Head of CIMB Australia and Brian Sheahan, Managing Director of Morgans.
"We are pleased to announce this strategic agreement with Morgans. We have enjoyed over 15 years working together – albeit under a few different brand names.
The agreement is a natural evolution and an important step for both companies," said Nick Rowe.
"The alliance allows Morgan's customers to benefit from the highly ranked research of CIMB Australia and CIMB Australia to access Morgan's unparalleled distribution platform of over 300,000 customers for ECM transactions. In addition, the corporate advisory services cooperation also presents both companies with huge potential for cross referrals. We will be able to leverage off each other in markets that we are strong in respectively," he added.
CIMB Australia is the Australian investment banking operations of CIMB Group, the biggest Asia Pacific (ex-Japan) based investment bank and fifth largest universal banking group in ASEAN. Today, CIMB’s research arm covers over 1,000 stocks of Asia Pacific based companies, and is arguably the most comprehensive research coverage platform in the industry, backed by award-winning teams of research analysts across the region.
Tim Crommelin, Executive Chairman of Morgans, commented, "The alliance is a continuation of a long term working relationship which we believe was one of the most successful in the country and has delivered outstanding results for clients of both groups. We look to a strong future with our partners who are one of Asia's leading financial institutions and see their unequalled connections into Asia as a great leverage point for all clients."
In late 2012, Morgans management bought the remaining 50% from The Royal Bank of Scotland (RBS) Group. RBS Group has no ongoing association with the business.
The alliance will be overseen by an advisory board consisting of members from CIMB Australia and Morgans.
Download the full media release here.