Tag: CIMB

Kuala Lumpur, Malaysia – CIMB has announced a reorganisation of its senior leadership team, with Effendy Shahul Hamid, most recently the CEO of group consumer and digital banking, stepping down to pursue other interests. 

Effendy has however agreed to remain as an advisor to the group CEO until the end of June 2025, in order to facilitate a smooth and orderly leadership transition.

“Effendy is a highly respected banker and we are sad to see him go. The Board and Management wish him the best, and we appreciate his loyalty and commitment to the group over the last 20 years.” said Novan Amirudin, group chief executive officer at CIMB Group.

Effendy has spent the last 20 years at CIMB, leading numerous business units at the banking Group. Beginning his CIMB career in investment banking, Effendy then took on leadership positions that saw him building out the marketing and communications discipline at CIMB, reorganising its proprietary investments and asset management practices, turning around its commercial bank, building its digital business portfolio and to most recently, running its key customer franchise, the consumer bank. 

He is also credited with driving the nation’s cashless agenda, conceptualising and executing the Touch n’ Go eWallet joint venture between CIMB’s subsidiary, Touch n’ Go and China’s Ant Group.

Meanwhile, Haniz Nazlan, who joined CIMB in 2021 as group chief strategy officer, has been appointed CEO of group consumer banking. Haniz has played a key role in driving major initiatives, including the Forward 23+ Strategic Plan, the transformation of CIMB Cambodia, and the Group’s re-entry into the securities business. With over 18 years of experience in corporate strategy and asset management, Haniz brings expertise from leadership roles at Permodalan Nasional Berhad and Lembaga Tabung Angkatan Tentera.

Gurdip Singh Sidhu will take charge of CIMB’s digital businesses, including Touch ‘n Go, CIMB Philippines, and CIMB Vietnam, alongside his responsibilities as CEO of CIMB Malaysia and CIMB Bank Berhad. With 18 years of experience at CIMB, Gurdip will focus on enhancing operating resiliency, innovation, and strategic growth across the Group’s digital assets.

Khairul Rifaie will expand his responsibilities to include group chief strategy officer, in addition to his current role as group chief financial officer. As group chief financial & strategy officer, Khairul will lead the development of CIMB’s strategic roadmap, balancing growth opportunities and operational efficiency. His career spans roles at KPMG London, Goldman Sachs, and UBS Malaysia before joining CIMB Group.

Victor Lee Meng Teck has been named CEO of growth markets, overseeing CIMB Singapore and CIMB Cambodia. Victor’s leadership in CIMB Singapore has been marked by a successful turnaround through strategic restructuring and cultural transformation. With over 25 years of banking experience, he is well-equipped to drive growth in key markets.

CIMB also announced the appointment of Ros Aziah Mohd Yusoff, currently the group chief technology officer, to the CIMB Group Executive Committee, and the re-designation of Animesh Mukherjee from group chief human resources officer to group chief people officer, reporting directly to the group CEO.

“The new organisation structure reflects CIMB’s purpose, strengthens our leadership bench, and consolidates related roles to enhance synergies across the Group. It is designed to enable greater focus and accountability as we advance the Group’s strategic priorities into the next strategy cycle while ensuring operational resiliency,” Novan said.

Indonesia – Oversea-Chinese Banking Corp (OCBC) and CIMB are reportedly competing for a controlling stake in Bank Pan Indonesia (Panin Bank), according to three sources familiar with the matter.

According to a Reuters report, two unnamed sources revealed that Singapore-based OCBC and Malaysia’s CIMB have submitted non-binding offers for the stake held by Australian lender ANZ and Indonesia’s Gunawan family, the founders of Jakarta-listed Panin Bank in 1971. 

This development comes after Reuters reported in October that ANZ and the Gunawan family were considering selling their combined controlling stake in the bank, where they hold significant ownership.

The Gunawan family, which currently owns 46.52% of Panin Bank, is reportedly open to reducing its stake and relinquishing control of the bank. According to three anonymous sources cited by Reuters, this move aligns with ANZ’s long-standing efforts to exit its investment in Panin Bank, which have been hindered by ongoing valuation concerns.

ANZ currently holds a 39.22% stake in Panin Bank, while the Gunawan family owns 46.52%, according to London Stock Exchange Group (LSEG) data. Together, their combined controlling stake is valued at approximately $2.4b, based on Monday’s closing price of 1,900 rupiah ($0.1197) per share, LSEG data reveals.

The reported sale has attracted interest from major Southeast Asian banks, including OCBC and CIMB, as they compete for control of a bank with a diverse portfolio spanning consumer financing to private wealth, as well as a strong foothold in the fast-growing Indonesian market.

According to Reuters, Panin Bank’s shares surged by nearly 9% on Tuesday, with a 7.9% increase to 2,050 rupiah each at the midday break. Additionally, LSEG data revealed that the bank’s shares have risen 58.3% year-to-date, bringing its total market value to $2.84b.

The sources, speaking on condition of anonymity due to the confidential nature of the deal, confirmed that non-binding bids for the stake are expected by the end of this month.

On Tuesday, LSEG data showed that Panin Bank was trading at a price-to-book ratio of 0.88, in line with peers like Bank CIMB Niaga and Bank Permata, which had ratios of 0.88 and 0.86, respectively. However, it was higher than Bank OCBC NISP’s ratio of 0.78 and Bank Maybank Indonesia’s 0.56.

Singapore – ASEAN universal bank, CIMB, has unveiled its new brand direction – ‘Break free, bank differently’, which was done in partnership with advertising agency BBDO Singapore.

BBDO Singapore shared that it was tasked to push CIMB forward as more than just a trusted bank, but as one of the most preferred banks in Singapore. CIMB wanted to give the bank an edge that will entice without compromising its core values and services.

As part of the new brand direction campaign, BBDO has teamed up with production house, BDA, to execute two brand films, which were designed to resonate with prospective and existing customers which launched on 13th January 2022.

The first brand film features what happens when you break free from the rut of inefficient banking habits. It centers around a jovial CIMB protagonist – dressed in the signature red hues of CIMB – who inspires frustrated banking customers with the power of CIMB. To display this significant consumer epiphany, the film applies a dynamic transition that shows a ‘burst of life’.

Meanwhile, the second film aims to offer a change of pace for a different target demographic, which is the customers of CIMB’s priority banking service, CIMB Preferred.

Victor Lee, CIMB Singapore’s CEO, said, “Focusing on customer centricity and placing customers first – at the heart of everything we do, we aim to build a high-performing sustainable organization that will help advance both customers and society.”

Guan Hin Tay, BBDO Singapore’s chief creative officer, shared that in creating the campaign, they had to balance the execution by creating informative yet intriguing content to cover an extensive scope of key points while giving CIMB a strong brand personality that stands out from the clutter. 

“Throughout the content, the central protagonist – a character who exists in the same ‘CIMB world’ – lives a premium lifestyle while breaking the fourth wall, literally walking across frame borders to travel from one destination to another,” said Tay.

To complement these brand films, BBDO has also conceptualized several other deliverables to promote the ‘Break free, bank differently’ narrative in January 2022, including thematic key posters, disruptive vertical videos on social media, and interactive OOH advertisements that guided viewers to CIMB’s new outlet at CIMB Plaza, 30 Raffles Place in Singapore. In addition, the CIMB Preferred campaign will follow and is set to launch in March 2022.

Kuala Lumpur, Malaysia – As the country gears towards new restrictions on their latest movement control order (MCO) 3.0 which started 1 June onwards, Malaysia’s CIMB has announced that it will be expanding its financial assistance to individuals and microenterprises.

Said financial assistance is in line with Malaysia’s ‘Pemerkasa Plus’ aid package announced by the national government. 

Those who are eligible for the financial assistance include customers who experienced loss of employment and those recipients of either of its pre-existing services the Bantuan Sara Hidup (BSH) or Bantuan Prihatin Rakyat (BPR). Part of assistance are also microenterprises with borrowings of up to RM150k, and SMEs whose operations have been halted due to the current MCO.

Currently, there are two options: a moratorium for three months; or a reduction of monthly installments by 50% for six months.

The affected borrowers are only required to select one preferred option with the approval to be automatically provided, but still subject to meeting the criteria mentioned. 

Alongside this, individual customers who have experienced any decline in income are also able to benefit from reduced monthly instalment payments, while all other affected borrowers can also reach out to the bank to consider restructuring and rescheduling financing solutions.

“CIMB would like to reassure our customers that we remain committed to provide support during this challenging period. The expanded financial relief assistance offered to our affected customers is to help them stay resilient given the prolonged challenges. We have ensured a convenient and simple process for our customers to choose a payment relief programme, suited to them,” said Dato’ Abdul Rahman Ahmad, group chief executive officer at CIMB Group.

To date, CIMB has processed around 165,000 financial relief applications for individual and business borrowers in Malaysia, amounting to more than RM22 billion, with an approval rate of virtually 100%.

Manila, Philippines – Digital bank CIMB in the Philippines has recently posted a new Christmas-themed video advertisement, focusing on the theme of family breadwinners.

Aptly titled “Breadwinner”, the video centers between an interaction of a mother and her “breadwinner” son. The mother opens up the conversation, asking the son as to when his 13th month pay will arrive, as it will be used to spend on Christmas essentials.

However, the question was responded with silence, as the “breadwinner” son refuses to open up to her mother on what’s bothering him. Finally, after a long silence, the son breaks up and says that he was removed from the job, and that the plans for Christmas won’t be feasible anymore.

Her mother breaks a smile, and leaves for a minute. When she returned, she showed the bank’s app and saying “Nakapagtabi ako” (I have saved some).

The video concludes with the mother and son enjoying time together by dancing, and with a message: “This year has been a challenge like we’ve never seen before, but we will rise and get through this together”.

The “Breadwinner” video advertisement is produced by GIGIL, a local-based advertising agency.