CIMB Thai Bank (CIMBT) and CIMB-Principal Asset Management have signed an agreement with South Korea-based Mirae Asset Global Investments to launch the CPAM Korea Equity Strategic Fund (CPAM KEQ) to Thai investors.
Under the agreement, CPAM KEQ will invest in the units of the Mirae Asset Equity Fund (Master Fund), which is managed by Mirae Asset Global Investments in South Korea.
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Subhak Siwaraksa, president and CEO of CIMB Thai Bank, said: "Initially, the regional collaboration begins by launching an equity fund for Thais to have the opportunity to invest in South Korean equities through a fund managed by South Korea’s No. 1 asset manager."
Jumpon Saimala, CEO of CIMB-Principal Asset Management Thailand, said: "By forming a partnership with this South Korean fund manager, we will help our clients to achieve a high return because Korean equities contribute an annual return rate of 18 per cent."
Siwaraksa added that non-performing loans this year might rise in line with its peers, but CIMB Thai will attempt to control the ratio at 3% of outstanding lending – compared with 2.3-2.4 % as of the end of last year.
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