CIMB Group expanded to Cambodia through the fully owned subsidiary CIMB Bank Plc in 2010. The first branch, which also serves as the headquarters, was officially launched in Phnom Penh on 19 November 2010. In 2012, CIMB Group purchased the Asian investment banking business of Royal Bank of Scotland, including the RBS franchise in Australia for GBP173.9 million (MYR849.4 million). CIMB claimed to become the largest investment banking franchise based in Asia Pacific (ex-Japan). CIMB is one of the world's largest Islamic banks.