22 January 2025
U Mobile has signed a Memorandum of Understanding (MoU) with CIMB Bank to extend financing support for its upcoming 5G network rollout.
The exact value of the deal is unknown, but the companies have had an ongoing financing partnership for some time. In 2021, CIMB participated in a RM1.2 billion facility to U Mobile, which was upsized to RM1.4 billion in 2023.
U Mobile CEO Wong Heang Tuck said that CIMB’s financial backing “will further strengthen U Mobile’s ability to ensure a rapid and cost efficient second 5G network rollout that will bring benefits to enterprises, consumers and the public sector.”
Chu Kok Wei, CEO of group wholesale banking at CIMB Group said the bank is “ready to offer a holistic range of bespoke products and services apart from financing, extending to diverse areas including investment banking and treasury that will spark further innovation and accelerate growth both for U Mobile and Malaysia.”
