Restructured financial services business

The financial services business was one that had then complemented the Group’s banking business. This business unit was restructured after the merger of CMS Capital Sdn Bhd and K&N Kenanga Holdings Berhad.

Previously, CMS Capital Sdn Bhd was the holding company of Sarawak Securities Sdn Bhd (SSSB) and Sarawak Securities Futures Sdn Bhd; SSSB was the first licenced stockbroker in Sarawak and commenced operations in 1992 as a member company of the Kuala Lumpur Stock Exchange. Through the merger, Sarawak Securities Futures Sdn Bhd and SSSB were sold to K&N Kenanga.

The financial business, which was under CMS Capital Sdn Bhd then restructured and housed CMS Trust Management Sdn Bhd; K&N Kenanga Holdings Bhd; CMS Dresdner Asset Management Sdn Bhd, a joint venture between CMS Group and the Dresdner Group; and CMS Mezzanine Sdn Bhd, which executed mezzanine and related financing activities.