Nice to CIMB you

One of Asia's best known bankers, Bong Consing, is to lend his experience to CIMB, the winner of FinanceAsia's award for best investment bank in Malaysia in 2004. He will join the firm as an independent non-executive director.

Consing is presently the co-head of The Rohatyn Group's Asian operations, based in Hong Kong. Until May this year Consing was the head of JP Morgan's Asian investment banking business and had been with the firm for 19 years.

His move comes as local investment banks make a big push to secure lead roles on the large, local IPOs that international banks have dominated over the years. These local deals are increasingly being sold to international investors and so knowledge of international markets is crucial.

For instance, CIMB recently was the sole bookrunner on the largest deal out of Malaysia this year, the IPO of KLCC Property Holdings of which 28% went to internaional investors. Consing's advice should help the firm secure more such prestigious mandates.

"We are welcoming arguable the best-known Asian global investment banker onto our board," says Nazir Razak, CEO of CIMB. "Consing brings with him a wealth of experience and expertise in international capital markets as well as an excellent network of relationships throughout Asia. He will add an important new dimension to CIMB and for CIMB's clients."