CIMB Group has launched 'CIMB Middle East', (formerly known as CIMB Islamic Investment House), its re-branded joint-venture company with YBA Kanoo, in Bahrain.

Badlisyah Abdul Ghani, CIMB Group’s head of Corporate Client Solutions for the Mena region and board member of CIMB Middle East, explained that CIMB Group is looking at broadening its offering to encompass both conventional and Islamic financial services value propositions as well as enhancing its ability to service its customers by bringing its physical operations beyond the shores of Bahrain into the region as a whole.

“This re-branding exercise is the second phase of our business transformation and growth agenda in the Middle East. CIMB Middle East will continue to be headquartered in Bahrain and will act as CIMB’s nerve-centre in the Middle East and North Africa (Mena) region,” said Badlisyah, adding that it will also look at premium value-added quality services that it can offer to clients in the Middle East.

CIMB Middle East is also in the process of applying for an advisory and arranging licence in Saudi Arabia and would soon set-up its Saudi office to support its initiatives and activities there.

Also announced at the launch was the appointment of Suryono Darnor as the chief and board member of CIMB Middle East. He has over 18 years experience in bridging businesses in the Middle Eastern and the South East Asian financial markets.

CIMB Middle East was established in the year 2006 as joint-venture company between CIMB Group and Yusuf Bin Ahmed Kanoo (Holdings), Bahrain.

CIMB Middle East has an initial issued and paid-up capital of $20 million and provides advisory and arranging services and solutions to corporate and institutional clients in the GCC and Middle East region.

The YBA Kanoo Group is one of the largest independent, family owned groups of companies in the region. Established in Bahrain in 1890 by Haji Yusuf Bin Ahmed Kanoo, the YBA Kanoo Group grew from its early trading and shipping business to become one of the most diversified and highly regarded business houses in the Middle East region and beyond, he added.-TradeArabia News Service