CICC eyes Southeast Asia

Reuters

China International Capital Corp (3908) plans to expand its presence in Southeast Asia by opening offices in countries such as Indonesia and Malaysia, said its investment banking head, as a slump in domestic deals hurts prospects.

Founded in 1995, the Beijing-based investment bank currently has a presence in seven international financial centers outside of mainland China, including Hong Kong, New York, London and Singapore.

State-owned CICC opened a representative office in Vietnam in June, extending its presence in Southeast Asia, which is home to several fast-growing economies.

CICC, China's oldest investment bank and also one of its largest, has been badly hit by shrinking dealmaking activities in the mainland and Hong Kong due to a slowing Chinese economy and rising geopolitical tensions.