SEOUL, KOREA – CIMB Group, Malaysia's No. 2 financial service provider, is considering an acquisition in Korea. According to securities industry sources on January 1, CIMB is set to begin the retail securities business in Korea by early this year.

 

An official with the Financial Services Commission said, "CIMB Group has submitted an application to commence a brokerage business in August last year and we are at a finishing stage of the deliberation. As it satisfies all requirements, there is little reason to expect the application may be denied."

 

As part of its strategy to open securities brokerage business in Korea, CIMB wishes to take over an existing securities house. Last year, CIMB had bought the Asian brokerage unit of the Royal Bank of Scotland. But the Seoul unit was excluded from the package.