Saturday, October 30, 2010

CIMB Group takes lead in fostering closer China-ASEAN relations

KUALA LUMPUR: The CIMB Group will take the role as the representative bank for Malaysia in fostering closer China-ASEAN relations.

CIMB Group, together with other major Asean financial institutions had on Friday, Oct 29 signed a framework agreement with China Development Bank Corporation (CDBC).

The framework would formalise the setting up of the China-Asean Interbank Association (CAIBA), which was proposed by China at the China-ASEAN Foreign Ministers' Meeting in Hanoi on July 22.

Initial members of the CAIBA include Bank Islam Brunei Darussalam Bhd, Canadia Bank PLC, PT Bank Mandiri (Persero) Tbk., Laos Development Bank, Myanmar Foreign Trade Bank of the Union of Myanmar, Banco de Oro Unibank, DBS Bank Ltd, KasikornBank Public Company Limited and Bank for Investment and Development of Vietnam.

Deputy CEO, Corporate & Investment Banking, CIMB Group Datuk Charon Wardini Mokhzani represented the group.

'CIMB is and has consistently been a strong advocate of regional integration. We believe the private sector should be active participants in these integration initiatives,' he said.

Charon added the association would enable the building of long term cooperation with other member banks as well as look into providing more extensive financial services for cooperation between China and Asean countries.'

The development objectives of the China-ASEAN Interbank Association include:

* Achieving a mutually-beneficial social and economic development of China and ASEAN by promoting mutual trade and investment, as well as financing and providing the relevant financial services for the infrastructure CONSTRUCTION [] and other projects supported by the governments of China and ASEAN countries;

* Building a long-term cooperative relation with other member banks on the principle of equality and mutual benefits, while providing more extensive financial services for the cooperation between China and ASEAN countries in key areas; and

* Enhancing the endogenous motivation for China and ASEAN regional economic development and to respond actively to the opportunities and challenges brought about by economic globalisation.

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