CIMB Group and Kotak Mahindra Bank join hands for "Indo-ASEAN corridor"

Malaysia's CIMB Group, now active in eight of the 10 ASEAN countries (all except Phlippines and Laos) and a representative office in China, has signed a cooperation agreement with India's Kotak Mahindra Bank and opened a representative office in Mumbai.

"Our partnership with Kotak is an important strategic move,” CIMB group chief executive Datuk Seri Nazir Razak said in a statement after the agreement between the two parties was signed, adding that both organisations expected business flows between India and ASEAN.

Kotak executive vice-chairman and managing director Uday Kotak said the pact was an opportunity for the two financial conglomerates to leverage their strengths to serve their customers better in the "Indo-ASEAN corridor".