CIMB Group Holdings Berhad, Malaysia’s second-largest bank, is actively seeking merger and acquisition opportunities in Indonesia. Group CEO Novan Amirudin identified the current market environment as a strategic entry point for long-term investors.
The bank intends to acquire assets that complement its existing CIMB Niaga operations. Primary targets include wealth management and other specialized financial services.
This expansion strategy follows recent volatility in Indonesia’s rupiah and stock market. CIMB was also recently reported as a bidder for HSBC’s retail and wealth assets in the country.