CIMB Bank on August 24 announced its collaboration with China Construction Bank (CCB) to provide investors with the platform to make cross-border investments into the Malaysian and Chinese markets.

It signed an agreement to appoint CCB as CIMB Bank’s sub-custodian bank in China to clear, settle and safekeep China shares, bonds and other investment products on behalf of CIMB Bank and its clients.

Both banks also signed a memorandum of understanding where CCB will appoint CIMB Bank as its sub-custodian bank to clear, settle and safekeep CCB customers’ investment portfolio in Malaysia.

In addition, CIMB Bank and CCB agreed to explore further collaboration to appoint each other as onshore settlement agents in respect of each party’s interbank bond market activities.

“This collaboration is the start of meaningful partnership between our organizations as we leverage on each other’s networks and platforms to improve our market share and leadership, and more importantly, to serve our customers better,” says Hendra Lembong, group head for transaction banking at CIMB Group.