KUALA LUMPUR (Dec 13): CIMB Bank Bhd will provide a comprehensive suite of solutions and services to fast-track the expansion of the clients of Shanghai Pudong Development Bank Co Ltd (SPDB) into Asean, following the execution of a letter of intent with the bank.

SPDB is a commercial bank owned by the Shanghai municipal government.

With the partnership, SPDB's clients will be able to capitalise on CIMB's strengths in localised and cross-border capabilities in their expansion, including trade settlement, finance, investment consulting, capital markets, and global payment services.

The collaboration, formalised during the launch of SPDB’s cross-border financial services at the China International Import Expo in Shanghai, highlights both parties’ commitment to fostering economic growth and attracting foreign investments to the region, CIMB Bank said in a statement on Friday.

“With our Asean presence and deep industry expertise, we aim to help clients achieve their aspirations through seamless and efficient solutions to meet their cross-border needs and explore opportunities in this region,” said CIMB Group Holdings Bhd's (KL:CIMB) chief executive officer of group wholesale banking, Chu Kok Wei.

He expressed hope that the partnership would lead to a fruitful relationship and further enhance trade relations between Malaysia and China.

“Riding on the rich potential and rapid growth of the Asean region, we are proud to be one of the key financial institutions in fulfilling the objectives of our clients in exploring and expanding in the region. We are excited to play a role in igniting greater flows in trade and investments enabled by CIMB’s strong expertise and first-hand experience in catalysing financial and investment growth for many years to come,” said SPDB’s deputy president Kang Jie.