CGS’ operations and investment signify Malaysia-China trade relationship
LUMPUR: The CGS International Securities Pte Ltd’s continued operations and investments in Malaysia signify a deepening of MalaysiaChina trade relationship, said Deputy Finance Minister Lim Hui Ying.
She said that by leveraging on the countries’ respective strengths and exploring new opportunities for collaboration, the two countries can further deepen the partnership and play a pivotal role in fostering regional stability and prosperity, while maximising the potential of economic, trade and technology co-operation.
“While the first 50 years had borne witness to the many successes of our two countries, the future trajectory of Kuala Lumpur-Beijing relationship hinges on continued engagement and efforts to promote sustainable development and prosperity for both nations,” she said at CGS International Securities Malaysia (CGS MY) Rebranding Launch yesterday.
CGS MY today unveiled its new brand and proposition for the company following the acquisition of 100 per cent stake in CGS-CIMB Securities (Malaysia) by China Galaxy Securities (CGS) on Dec 29, 2023.
The acquisition is expected to enhance CGS International’s networks in China and Asean, specifically in Malaysia, Indonesia, Singapore, and Thailand (MIST), as well as providing CGS MY with greater connections with regional clients and investment opportunities.
Lim said that in 2023, the total trade volume between the two nations reached RM450.84 billion, cementing China’s position as the largest trading partner for the 15th consecutive year.
As of February this year, total trade volume between the two nations has reached US$15.52 billion.
Hence, she look forward to greater innovation from the group, and advanced regional access as CGS International serves as a nexus and gateway for not only Chinese and international investors looking to invest in and/or operate in Malaysia but also for Malaysian investors and companies looking for greater opportunities in the region.
Meanwhile CGS International group chief executive officer Carol Fong said it has set targets to double its revenue to S$700 million (RM2.45 billion) by 2030, and aims to become a leading and world-class investment bank in Asia.
“Since 2022, we have been steering CGS International towards a diversified and sustainable business. We have built a comprehensive suite of products and services, including wealth solutions, investment banking (IB) and asset management,” she said.
Fong said that in 2023, CGS International had completed over 40 IB deals and over the last 1.5 years, obtained IB licences in MIST.
“We also successfully acquired asset management licences across Singapore, Malaysia and Thailand.
“These achievements are a small glimpse of the scale of our ambitions as we broaden our fundamental value proposition,” she added. — Bernama