CIMBS aims for top 5 ranking by 2014
After restructuring its management team more than a year, CIMB Thai Securities (Thailand) says it is ready to provide debt and capital instruments to retail and institutional clients, aiming to boost its ranking into the top five in terms of market share by next year.Chief executive officer Suchai Sutasthumkul said yesterday that the company had spent more than a year strengthening its securities business after the merger with Sicco Securities. It has also recruited more staff to support the brokerage business.
The corporate finance group at CIMB Thai Bank, the parent company, will support investment banking to CIMBS, he added.
This year, CIMBS will focus on expanding full securities products for retail and institutional customers. He said the company would introduce derivative warrants and exchange traded funds (ETFs) as well as services that involve border trade.
He said the firm's market share would climb to 5 per cent from 4.2 per cent last year thanks to a greater investment-banking network, after acquiring that of Royal Bank of Scotland. This will enable CIMBS to reach more institutional investors locally and internationally. CIMBS expects the proportion of institutional customers to increase to 35-40 per cent from 30 per cent currently.
After the merger with Sicco Securities, CIMBS branches increased to 20 from seven. To enhance this competitive edge, the company plans to add six more branches.
"The key of the securities business is human resources, and branch expansion will be made according to the readiness of staff. Efficient staff in each area will help capture target customers and help the securities business break even within a short time," said the chief.
In-depth research locally and overseas is its strength to meet the requirements of institutional customers, he added.
Together with corporate finance provided by CIMB Thai Bank and the CIMB Group's network in Asean, CIMBS is confident of moving up from ninth place in market share to the top five by next year.