China Galaxy Acquires 50% of CIMB Securities International
Baker McKenzie is acting for China Galaxy International Financial Holdings Limited (CGI) on its conditional acquisition of a 50% stake in CIMB Securities International Pte. Ltd. (CSI), from CIMB Group Sdn Bhd (CIMB), for a total value of approximately SG$167 million. The acquisition and partnership with CIMB strengthens CGI’s footprint in the Asia Pacific region and represents its first foray into the ASEAN market and beyond. This provides greater leverage to its existing strength as a leading integrated financial services and securities provider in China.
Commenting on the deal, Baker McKenzie Hong Kong-based capital markets partner, Christina Lee, said:
We're honoured and delighted to have partnered with China Galaxy on this important Belt and Road strategic acquisition."The deal involves multiple Baker McKenzie and member firm offices, including Hong Kong, Malaysia, Singapore, Indonesia and Thailand, and is a showcase of our cross-border transactional capability and our compliance expertise in the financial services industry across the region."
CSI is an investment holding company incorporated in Singapore. The CSI group engages in the cash equities business comprising institutional and retail brokerage, equity research and associated securities businesses in Hong Kong, India, Indonesia, Singapore, South Korea, Thailand, the United Kingdom and the United States of America and has consistently been ranked among the top brokerage firms in Singapore, Indonesia and Thailand in terms of market share. This partnership will also allow the CSI group to establish a more comprehensive platform across Asia Pacific to better serve its clients in China, South East Asia and globally. The transaction complements China’s “One Belt One Road” policy and shows CGI’s commitment to build and strengthen its international presence as part of its long term strategy.
The deal is being coordinated through Baker McKenzie Hong Kong, led by Christina Lee, Partner supported by Rowena Lee, Senior Associate and Daniel Tan, Associate. Other Baker McKenzie Hong Kong team members involved are Karen Man, Partner, as well as Grace Fung, Chris Tsao, Nicholas Fong, Abby Yeung and Calvin Koay, Associates.
Completion of the transaction is conditional upon regulatory approvals in the relevant jurisdictions.
Baker McKenzie’s member firms which supported the transaction are:
- Wong & Partners, Malaysia led by Brian Chia, Partner and Sue Wan Wong, Partner, assisted by Adrian Wong, Senior Associate, Lydia Kong, Senior Associate, Eugene Mark, Associate and Shin Mei Koay, Associate
- Baker & McKenzie.Wong & Leow, Singapore led by Andrew Martin, Principal and Stephanie Magnus, Principal, assisted by Xiao Hui Ting, Senior Associate, Serene Chew, Senior Associate, Grace Khoh, Associate, Ying Yi Liew, Associate, Calvin Magnus, Associate and Genevieve Bong, Associate
- Hadiputranto, Hadinoto & Partners, Indonesia led by Iqbal Darmawan, Partner, assisted by Elvino Martinus, Associate, Ghema Ramadan, Associate and Fransiska Widodo, Associate
- Baker & McKenzie, Thailand led by Theppachol Kosol, Partner, assisted by Panlapa Chai-a-ya, Associate, Charupat Boon-Long, Associate, Warittha Jitvuttichod, Associate and Pukkapol Khuntamanee, Associate