CIMB and Morgans Extend Strategic Alliance in Australia
Release Date - Wednesday 11 March 2015
CIMB Investment Bank Berhad ("CIMB") and Morgans Financial Limited ("Morgans") today announced they have entered into an agreement to extend their alliance partnership in Australia.
This partnership provides an opportunity for Morgans to enhance offerings to its large clientele across Australia consisting of retail, high net-worth, corporate and institutional clients. Meanwhile, CIMB is able to continue supporting its clients in the Asian region who want access to the Australian market through Morgans.
Based on the agreement, both parties will provide strategic business support by leveraging on each other’s strengths and capabilities. CIMB and Morgans will work together on corporate transactions for cross border businesses between Australia and Asia. Both companies will join forces to optimise technology platforms in order to formulate innovative and sophisticated products for their clients.
CIMB will appoint Morgans as exclusive execution agent in Australia for all inbound trades for CIMB into the Australian market. Morgans will enhance its presence in Sydney and Melbourne with the expansion of its research, retail and institutional dealing teams.
In enhancing its offerings, Morgans will expand its coverage of ASX listed companies to provide its client base with a differentiated and focused large cap research offering to complement its existing award winning mid and small cap company research.
Commenting on this strategic alliance, Tengku Dato’ Zafrul Tengku Abdul Aziz, Group Chief Executive of CIMB, said: "CIMB builds our footprint across key geographies with a network of strong partners and Morgans has been a valuable partner. This strategic alliance enhances CIMB's investment banking franchise and maintains our ability to serve our clients especially those who want access to the Australian market. Morgans will also leverage CIMB's deep knowledge and market leadership in Asia to grow their business in this important region. We look forward to working closely with Morgans to strengthen both our businesses."
Brian Sheahan, Managing Director of Morgans, said: "Morgans is excited about the extension of its relationship with CIMB, one of the leading financial houses in Asia. We believe the partnership is an endorsement of the strength, sustainability, reputation and market position of our Australian business."
"The current deal is another step in our evolution to create a truly client-focused, full-service, 100% Australian owned and managed stockbroking group controlled by Australian staff. All Morgans clients will benefit from the growth in our service offering and our enhanced relationship with CIMB in Asia which will deliver an expanded research coverage and technological footprint," Sheahan concluded.
Download the full media release here.