New entity to provide Investment Banking advisory services in Sri Lanka
Colombo, Sri Lanka: CIMB Group Holdings (“CIMBGH”) today entered into a joint venture with two leading Sri Lankan individuals to establish an investment banking and corporate advisory presence in Sri Lanka. The agreement was signed today between CIMB Group, Mr Alex Lovell and Ms Reshani Dangalla.
CIMB Group holds 51% of the joint venture’s share capital through its wholly owned subsidiary CIMB Securities International Pte Ltd (“CIMBSI”), with the remaining 49% held by Lovell and Dangalla. Shareholders have committed up to USD2 million for the venture.
The new entity will leverage the expertise and extensive local and regional network of the partners to provide Investment Banking advisory services to a fast growing domestic investment and capital market. The services will include broad corporate finance advisory capabilities as well as structuring of equities and fixed income securities.
“We are impressed by the growing level of industrial and financial activity in Sri Lanka and believe in its economic growth potential. Many of our ASEAN clients are already significant trade partners and investors here. We want to work with them and also encourage our other clients to explore opportunities in Sri Lanka,” said Dato’ Sri Nazir Razak, Group Chief Executive, CIMB Group.
Speaking at the signing ceremony, Lovell said that Sri Lanka is becoming an interesting Investment destination. “The outlook is bright for Sri Lanka. We have experienced significant economic development and are supported by a good regulatory and policy environment including strong incentives provided by the Sri Lankan Government. Therefore in terms of timing, this new venture is perfect,” said Lovell.
Reshani Dangalla in her welcome speech quoted: "Sri Lanka has emerged and the international business community is paying attention, as we saw during the country’s hugely successful recent sovereign debt issue. The establishment of this partnership with a leading ASEAN universal banking group is yet another great endorsement of Sri Lanka’s potential.”
Alex Lovell is a distinguished investment banker of Sri Lankan descent based in Sri Lanka, Saudi Arabia and Australia. Amongst his other roles, he is Deputy Chairman of Sri Lanka’s Union Bank. He is a member of the Chartered Institute of Management Accounts (UK) and Associate fellow of the Australian Marketing Institute. He was awarded the ”Most Distinguished Order Of The British Empire by Her Majesty The Queen Of England,” (MBE) for his contribution to Investment Banking.
Reshani Dangalla has extensive corporate and investment banking experience, gained in leading global financial institutions operating in Asia. Dangalla is based in Singapore and holds degrees in Business and Economics from Washington College, U.S.A. and a Post Graduate Degree from University of Kellaniya, Sri Lanka.