SG briefs: CGS-CIMB eyes IPO: Report

Market movement charts. Photo by Adam Smigielski on UnsplashMarket movement charts. Photo by Adam Smigielski on Unsplash

CGS-CIMB Securities is considering a dual listing in Singapore and Malaysia, possibly by next year, with a valuation of around S$1 billion targeted, the Straits Times reported Wednesday, citing CEO Carol Fong.

The brokerage is a joint venture between China Galaxy Securities (CGS) and CIMB, which is Malaysia’s second-largest bank after Maybank, the report said. CGS-CIMB’s businesses include retail broking, institutional equities and wealth management, the report said.