CIMB shuts down subsidiary in Middle East

It is consolidating its businesses.

CIMB Group Holdings received the approval for the closure of its indirect wholly-owned subsidiary CME.

According to a press release, CME would cease to be a subsidiary of the CIMB.

CIMB group chief executive Tengku Dato' Sri Zafrul Aziz said the closure is in line with its T18 initiative aimed at business consolidation and resource optimisation.

"CIMB remains committed to the Middle East through our partnership with Fajr Capital, which has a strong network in the Middle East. The partnership with Fajr Capital will also leverage on CIMB's strong ASEAN network, to facilitate deals between the two economic regions with an expanding middle-class population, a high percentage of young people and strong growth prospects, moving forward," he added.