How CIMB Started?
CIMB Group is a leading ASEAN universal bank, one of the largest Asian investment banks,
and one of the world's largest Islamic banks.
It is the fifth-largest banking group by assets in ASEAN and has around 34,000 staff and over 16 million customers.
CIMB represents its investment banking services, asset management and private banking franchise globally.
The founder of the CIMB bank was Dato Wee Keng Chiang. He was a Chinese businessman born in Kuching, Sarawak.
He founded CIMB bank in 1924, but became the Treasurer of the Kuching-based Chinese General Chamber of Commerce upon its inception in 1930 instead.
In 1931, he was elected as Chairman of the Sarawak Chinese Chamber of Commerce. He resigned from the post in 1946.
Dato Wee Keng Chiang also founded UOB in 1935.
How CIMB was created
In 1924, Dato Wee established the Bian Chiang Bank, which is known as CIMB now, in Kuching, Malaysia. But in 1975, Fleet Group Sdn Bhd bought a 100% stake in Bian Chiang Bank, making the bank a wholly-owned unit of the Fleet group.
During that time, CIMB moved its headquarters to Kuala Lumpur from Kuching.
CIMB’s original business focus was to serve local businesses in their trade and merchant activities. In the 1960s, it also expanded into real estate and home financing.
By the 1990s, CIMB had become a thriving financial institution, with its headquarters in Penang and operations throughout Malaysia and Singapore.
CIMB’s headquarters in Kuala Lumpur offer consumer banking, commercial banking, investment banking, Islamic banking and asset management products and services.
Vision, Mission, Values
The reason why a corporation manages to work its way to the top is because of its persistent way of sticking to its vision, missions and values.
CIMB’s vision is to be the leading ASEAN Company. While their mission is to provide universal banking services as a high-performing, institutionalized and integrated company, and to champion the acceleration of ASEAN integration and the region’s links globally.
Their values on the other hand are to become customer-centric as they exist to serve the customers and sell products and services that customers understand and value.
They also value high performance as they work hard and strategically for customers, staff, and other stakeholders and enable people by empowering their people to innovate and deliver value in their workplace as well as for the community they serve.
Since its success, CIMB bank has expanded globally. They have 234 branches in Malaysia and have subsidiaries in Thailand, Cambodia, and Vietnam.
They have branches in Singapore, the Philippines, London, Hong Kong, Shanghai and Laos and representative offices in Yangon and Mumbai.
CIMB Bank also has brands such as CIMB Islamic, which deals with innovative Shariah-compliant products and services.
CIMB Thai, the Group’s banking franchise in Thailand. It has been listed on the Stock Exchange of Thailand and is the 8th largest commercial bank in Thailand.
Lastly, CIMB Niaga is the Group’s banking franchise in Indonesia, with 408 branches, and is the sixth-largest bank in Indonesia.
A Sustainable Future.
When CIMB became ASEAN's leading bank, its greater purpose is to advance customers and society towards a sustainable future. They make sure to integrate economic, environmental and social considerations into all aspects of our business.
Their strategy is divided into two. They commit to investing resources and influencing networks to reduce economic, environmental and social negative impacts.
They also aspire to create a net positive impact through their business activities. On the other hand, sustainability is one of the key elements of their strategic theme to become a purpose-driven organisation.
They aspire to fulfill the promise of a better future, where economic growth empowers people and businesses, creates new opportunities, and reduces social inequalities.
Sustainable banking practices help them to achieve growth that is meaningful for everyone who shares this vision.
‘Banking for the Future’ is their philosophy for taking a long-term view on business. They prioritize the right side of history by helping to build a sustainable future for CIMB and partners in growth.