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CIMB’s decision to sell half of its international brokerage operation to China Galaxy Securities is an interesting step that tells us just how much China is expected to dominate the entire region’s financial services in years ahead.
Why would CIMB, whose CIMB Securities International business holds the group’s ex-Malaysia stockbroking businesses in Indonesia, Singapore, Thailand, Hong Kong, South Korea, the UK and the US, choose to sell half of the operation?
Not for the money. It is true that the bank has pledged to cut costs.
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