Principal® and CIMB reinforce partnership in Southeast Asia
Principal Financial Group ®, a global financial services provider, and CIMB have celebrated their longstanding partnership with a signing ceremony to mark their commitment to helping more Southeast Asians achieve their financial goals through specialized and differentiated global and local investment solutions.
Principal ® and CIMB have partnered in the region for 17 years through a joint-venture arrangement, Principal Asset Management Berhad (“Principal Southeast Asia”), in Malaysia, Thailand, Indonesia, and Singapore. In the last 10 years, Principal Southeast Asia has doubled its AUM to RM88.4 billion as of October 2022.
“Across our international businesses at Principal, we’ve found the value of having strong partnerships not only to accelerate growth, but to better ground ourselves to the needs of our customers in each individual market. Together with CIMB, we have grown our customer base from 400,000 to over 3 million in the last four years. We look forward to many more years together helping people save, plan, and invest for their financial security,” said Thomas Cheong, president, Principal Asia.
“We are pleased to extend our longstanding partnership with Principal, which brings together capabilities to provide market leading and innovative investment solutions to best serve our customers. The success of this partnership reflects our confidence in the business which has, over the years, delivered strong growth and enabled our joint venture, Principal Southeast Asia, to be viewed as a leader in asset management within
the region, particularly in Malaysia. We believe the collaboration will continue to complement CIMB’s proposition in offering best-in-class investment-related services especially to our affluent segment, aligned with our Forward23+ strategic plan,” said Dato’ Abdul Rahman Ahmad, group chief executive officer, CIMB.