CIMB is an abbreviation for Commerce International Merchant Bankers.
Content
- Introduction
- The Bank History
- References
Introduction
CIMB Group Holdings Berhad (MYX: 1023) is a Malaysian universal bank headquartered in Kuala Lumpur and operating in high growth economies in ASEAN.
CIMB Group is an indigenous ASEAN investment bank. CIMB has a wide retail branch network with 1,080 branches across the region.
The group operates under several entities, which include CIMB Investment Bank, CIMB Bank, CIMB Islamic, CIMB Niaga, CIMB Securities International and CIMB Thai. The group’s business activities are primarily in the areas of Consumer Banking, Wholesale Banking, comprising Investment Banking and Corporate Banking, Treasury & Markets, and Group Strategy & Strategic Investments, with its core markets being Malaysia, Indonesia, Singapore and Thailand. CIMB Islamic operates in parallel with these businesses, in line with the group’s dual banking model.
The group has around 33,000 employees in 18 countries, covering ASEAN and major global financial centres, as well as countries in which its customers have significant business and investment dealings. The group’s geographical reach and its products and services are complemented by partnerships. Its partners include the Principal Financial Group, Bank of Tokyo-Mitsubishi UFJ, Standard Bank and Daewoo Securities, among others.
The Bank History
The bank was formed from the merging of various banks that had existed throughout the decades
Bian Chiang Bank, established in 1924 in Kuching by Wee Kheng Chiang. Its primary activities were business financing and the issuance of bills of exchange. It was renamed Bank of Commerce Berhad (BCB) following its purchase by the UMNO-owned Fleet Holdings, which was owned by Dato’ Junus Sudin (then part-owner of TV3, NSTP, and Celcom) in 1979. The bank had RM367 million in total assets and total shareholders’ funds of RM12.8 million in 1982.
Ban Hin Lee Bank (BHLB), established 1935 in Penang by Yeap Chor Ee. Its original focus was serving local businessmen in their trading and merchant activities. In the 1960s it branched out into real estate and home financing and by 1990 it had become a modern financial institution. It was then listed on the Kuala Lumpur Stock Exchange on 7 January 1991.
Southern Bank Berhad (SBB): founded as Southern Banking Ltd in 1965, starting out in Penang and expanded to Kuala Lumpur. Its products included wealth-management products, credit cards and loans for small and medium enterprises (SME).
Bank Bumiputra Malaysia Berhad (BBMB), incorporated in 1965. Set up in line with government initiatives to increase Bumiputra participation in the national economy, the bank grew to be one of the largest, with branches throughout the country. By 1980 it had become the largest bank in the country in terms of assets and was the first domestic bank to have operations in New York, London, Tokyo, Bahrain and Hong Kong.
United Asian Bank Berhad (UAB), established in Kuala Lumpur in 1972. UAB created out of the merger of the Malaysian operations and branches of three Indian-owned banks: Indian Overseas Bank, Indian Bank, and United Commercial Bank. The Government of India had nationalised the largest banks in India, including these three, and Malaysian law prohibited the operation in Malaysia of branches of government-owned foreign banks. UAB’s primary purpose was to encourage enterprise among less prosperous sections of the country.
Pertanian Baring Sanwa Multinational Berhad (PBS); incorporated by Bank Pertanian, Baring Brothers, Multinational Bank of the United Kingdom, and Sanwa Bank of Japan in 1974. It was managed by Baring Brothers and provided corporate advisory and funding services to multinationals. It was renamed Commerce International Merchant Bankers Berhad (CIMB) in 1986 as a result of BCB replacing Bank Pertanian as the controlling shareholder of PBS. Corporate finance remained CIMB’s main focus and stock broking was added to its range of services.
CIMB Brands
CIMB Group represents its universal banking franchise.
CIMB represents its investment banking services, asset management and private banking franchise.
CIMB Bank represents its consumer bank and corporate banking franchise in Malaysia, Singapore, Cambodia and Philippines.
CIMB Niaga represents its consumer and corporate banking franchise in Indonesia.
CIMB Thai represents its consumer and corporate banking franchise in Thailand.
CIMB Islamic is its Islamic banking franchise, incorporating products and services in compliance with Shariah principles.
References
https://en.wikipedia.org/wiki/CIMB
Disclaimer: This blog content is for informational purposes only and not professional financial advice. It is advisable to consult a financial advisor for personalized guidance.