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HISTORY
 

Year

Historical Event
 

1924

Bian Chiang Bank established in Kuching, Sarawak, Malaysia
Bian Chiang Bank was established in Kuching by Wee Kheng Chiang in 1924. In its early days, the bank's activities were mainly related to business financing and the issuance of bills of exchange.

The prominent Wee family soon became famous as founding members of the United Overseas Bank (UOB) in Singapore in 1971.

1935

Ban Hin Lee Bank established in Penang, Malaysia
Ban Hin Lee Bank Bhd, founded by "Towkay" Yeap Chor Ee, was formally incorporated as a private limited company on 17 September 1935.

The bank's original business focus was to serve local businesses in their trade and merchant activities. In the 1960s, it also branched into real estate and home financing.

By the 1990s, the bank had become a modern and thriving financial institution, with its headquarters in Penang and operations throughout Malaysia and Singapore.

It became a public-listed company on the Kuala Lumpur Stock Exchange (KLSE) on 7 January 1991.


1948

Bank Lippo founded in Indonesia
Bank Lippo was founded in 1948 with headquarters in Tangerang, Indonesia.
 

1955

Bank Niaga founded in Indonesia
Established as a national private bank, Bank Niaga gained a great deal of trust from its customers and expanded to become a full service bank in 1974.

1965

Southern Bank Bhd was founded as Southern Banking Ltd
Founded in 1965 from humble roots in Penang, Southern Banking Ltd quickly expanded to other parts of Malaysia.
It was later renamed Southern Bank Bhd and gained recognition as an important player in wealth management products, credit cards and SME lending. The bank was the first in Malaysia to set up the MEPS/ATM system.

1965

Bank Bumiputra Malaysia Bhd incorporated in 1965
Bank Bumiputra was established in 1965, in line with government initiatives to increase Bumiputra participation in the Malaysian economy.

By the 1980s, it had become the largest bank in the country in terms of assets. Its infrastructure provided access to banking facilities where there was none before, contributing to the growth of small-scale enterprises and assisting the flow of investment into rural areas.

It was the first Malaysian bank to have operations in New York, London, Tokyo, Bahrain and Hong Kong. In 1982, it was listed as the largest bank in Southeast Asia by Asian Finance magazine.

1972

United Asian Bank Bhd established in Kuala Lumpur
United Asian Bank started as a banking joint-venture between Malaysia and India, as a result of the merger of three Indian-owned banks – Indian Overseas Bank Ltd, Indian Bank Ltd and United Commercial Bank Ltd. United Asian Bank took over the operations of the Malaysian branches of these Indian banks in 1972.

The bank's business was mainly directed at small businesses and individuals. In its time, it established a reputation for encouraging enterprise amongst the less prosperous sections of the community.

1974

Pertanian Baring Sanwa Multinational Bhd incorporated
Pertanian Baring Sanwa Multinational was founded in April 1974 by Bank Pertanian of Malaysia, Baring Brothers and Multinational Bank of the UK, and Sanwa Bank of Japan.

Under the management of Baring Brothers, Pertanian Baring Sanwa Multinational provided corporate advisory and funding services to multinationals, and undertook corporate restructuring and merger and acquisition activities for Malaysian companies.

Practising a conservative and prudent approach, with a strict credit culture that limited its trading activities, the merchant bank remained relatively small compared to others.

1979

Bian Chiang Bank renamed Bank of Commerce Bhd
The purchase of Bian Chiang Bank by Fleet Group led to the formation of Bank of Commerce Bhd in November 1979. Retaining the initials BCB, the new bank had a strong focus on systems and transparency from the very beginning, reflecting the management style of co-shareholder JP Morgan.

An aggressive, performance-driven work culture pushed the bank forward, contributing to its emergence as one of the most progressive banks in the industry.

In 1982, just three years since incorporation, what started out as a one-branch bank worth MYR8 million had become an institution with the total assets of MYR367 million and total shareholders' funds of MYR12.8 million.

1986

Pertanian Baring Sanwa Multinational renamed Commerce International Merchant Bankers Bhd
In 1986, Bank of Commerce replaced Bank Pertanian as the controlling shareholder of Pertanian Baring Sanwa Multinational, following which its name was changed to Commerce International Merchant Bankers Bhd (CIMB). The new shareholders retained its focus on corporate finance and IPOs and in 1989, it emerged as Malaysia's top advisor for new listings.

CIMB soon added stockbroking to complement its advisory and listings expertise, establishing an award-winning reputation as an equities broker and IPO house. This positioned the firm to enjoy high profits during the early 1990s equities "bull run".

At the height of the buoyant era in equities, CIMB took a major strategic decision to build its capabilities in fixed income in anticipation of future market opportunities. This placed CIMB in an excellent position to reap rewards from the exponential bond market growth in the late 1990s.

1991

Bank of Commerce merges with United Asian Bank
Bank of Commerce Bhd acquired United Asian Bank in November 1991, which resulted in a new entity named Bank of Commerce (M) Bhd. Meanwhile, Bank of Commerce Bhd, the listed holding company, was renamed Commerce-Asset Holdings Bhd (CAHB).

The acquisition was the starting point for more significant expansion to come. The Bank of Commerce branch network increased almost fourfold, complementing its established reputation in the corporate lending market.

1999

Formation of Bumiputra-Commerce Bank
In October 1999, Bank Bumiputra emerged from the Asian financial crisis and other financial problems to merge with Bank of Commerce, resulting in the biggest merger in Malaysia's banking history.
They formed Bumiputra-Commerce Bank, under the control of CAHB, and became the bank of choice to many multinational and local corporations, government organisations and individuals.

2000

Southern Bank acquires Ban Hin Lee Bank
On 1 July 2000, Southern Bank acquired Ban Hin Lee Bank, along with United Merchant Finance Bhd (renamed Southern Finance Bhd), Perdana Finance Bhd and Cempaka Finance Bhd. This was part of the government-initiated banking consolidation plan.


2002

Commerce-Asset Holdings Bhd became the majority shareholder in Bank Niaga
CAHB completed the acquisition of 51% of PT Bank Niaga from the Indonesian government via the Indonesian Bank Restructuring Agency (BRA). It is part of the series of strategic policies taken by the Indonesian government in response to the banking and economic crisis which befell the country following the onset of the Asian monetary crisis in mid-1997. The acquisition provided a rare opportunity for CAHB to acquire a majority stake in an Indonesian banking franchise which excelled in customer service and technology innovation.
 

2003

CIMB Bhd lists on KLSE
The listing of CIMB on the Main Board of the Kuala Lumpur Stock Exchange in January 2003 exceeded the expectations of investors and employees alike.

As it turned out, CIMB's listing lasted only about three years due to upcoming developments, but not before delivering returns of 340% to its shareholders.

2003

Launch of CIMB Islamic
CIMB Islamic was officially launched by Malaysia’s Bank Negara Governor Tan Sri Dato' Dr Zeti Akhtar Aziz in June 2003. Since then, CIMB Islamic has won numerous accolades for its innovative Shariah-compliant solutions.

In April 2005, Commerce-Tijari Bank Bhd was launched as the Islamic banking subsidiary of Bumiputra-Commerce Bank, providing the consumer market with an Islamic alternative for deposit accounts and financing.

2004

Formation of CIMB-Principal
CIMB Bhd acquired 70% of Commerce Trust Bhd and Commerce Asset Fund Managers Sdn Bhd from Commerce-Assets Holdings Bhd. The acquisition led to the formation of CIMB-Principal Asset Management Bhd, involving a joint venture with the Principal Financial Group of USA.

This marked the entry of a new player to Malaysia's burgeoning asset management sector. It was not long before CIMB-Principal made a decisive impact, winning numerous accolades for the returns from innovative products, such as the Global Titans Fund, Malaysia's first global equity investment fund.

2005

CIMB acquires G K Goh Securities Pte Ltd
The acquisition of Singapore-based GK Goh Securities in June 2005 led to the formation of CIMB-GK Securities Pte Ltd, CIMB's international investment banking operations.
G K Goh was founded in Singapore in 1979, evolving into a reputable pan-Asian stockbroking franchise with operations in Singapore, Indonesia, Hong Kong, the UK and the US.

2005

CIMB announces acquisition of Bumiputra-Commerce Group
The acquisition of the Bumiputra-Commerce Group by CIMB was announced in June 2005, following the strategic decision by CAHB to create a universal bank by combining its consumer and investment banks.
As part of the exercise, CIMB was delisted from the KLSE and CAHB was renamed Bumiputra-Commerce Holdings Bhd.

2006

CIMB Group’s restructuring exercise
January 2006 marked the birth of the new CIMB Group as a universal bank. Complemented by the resources and reach of Bumiputra-Commerce Bank, one of Malaysia's foremost retail banking providers, CIMB Group made the transition to a full-service banking provider, serving a range of customers, from corporates to individuals.

Encapsulating investment banking, consumer banking, asset management and Islamic products and services, CIMB Group was now poised to make a stronger mark on the Malaysian financial landscape.

2006

CIMB Group acquires Southern Bank
After months of negotiations, CIMB Group acquired Southern Bank in March 2006, adding a valued niche player in consumer banking to the Group.

The merger combined the extensive resources and reach of Bumiputra-Commerce Bank with the expertise and agility of Southern Bank, making CIMB Group a force to be reckoned with in the banking industry.

2006

Launch of CIMB Group as a Regional Universal Bank
The new CIMB Group was launched by the then Prime Minister of Malaysia, Dato’ Seri Abdullah Ahmad Badawi, in September 2006, signifying the culmination of the 3-way merger of Commerce International Merchant Bankers, Bumiputra-Commerce Bank and Southern Bank to form a universal banking group.
As a universal bank, CIMB Group has the full range of banking and financial services – conventional and Islamic – to serve everyone from the smallest retail client to the largest companies and institutions.
In line with the vision, “To be Southeast Asia’s Most Valued Universal Bank”, the Group embarked on a rebranding exercise and unveiled a new logo and a new tagline, “Forward Banking”, reflecting its promise to create value for customers through forward thinking.

2007

CIMB-GK Securities (Thailand) Ltd and CIMB-GK Securities (USA) Inc
CIMB Group launched its flagship presence in Thailand and USA, adding on to the Group’s already strong investment banking, stockbroking and institutional sales franchise in Kuala Lumpur, Singapore, Jakarta, Bangkok and Hong Kong.

2007

Launch of CIMB Foundation
CIMB Foundation is a non-for profit organisation launched in November 2007 to carry out the Group’s corporate social responsibility and philanthropic initiatives. Its focus is on sustainable programmes in community development, sports and education. In support of its commitment, CIMB Group pledged an initial sum of MYR100 million to CIMB Foundation.

2008

Strategic investment in the Bank of Yingkou, China
CIMB Group entered into an agreement for a 19.99% stake in the Bank of Yingkou, adding mainland China to the Group’s network, which comprises Southeast Asia, global financial centres and large economies that have strong economic, trade and investment linkages with ASEAN.

2008

Merger of PT Bank Niaga Tbk and PT Bank Lippo Tbk
CIMB Group created the 6th largest bank in Indonesia at the point of the merger between PT Bank Niaga Tbk with PT Bank Lippo Tbk. This was an initiative of Khazanah Nasional Bhd, the ultimate shareholder of CIMB Group and the banks, to comply with Bank Indonesia’s Single Presence Policy (SPP). The merger marked the first major consolidation of private banks under the SPP. The merged bank was rebranded as “CIMB Niaga”.

2008

CIMB-Principal Islamic Asset Management launched
CIMB Group and the Principal Financial Group strengthened their partnership with the launch of CIMB-Principal Islamic Asset Management. The 50:50 joint venture serves as the global Shariah funds management arm of both entities, and is located in Kuala Lumpur to leverage the infrastructure of the Malaysia International Islamic Financial Centre.

2008

Acquisition of BankThai
CIMB Group entered into an agreement with the Financial Institutions Development Fund to purchase a 42.13% stake in BankThai Pcl. The Group’s ensuing tender offer for the remaining shares in BankThai, and a rights issue, resulted in the stake increasing to 93%.
The acquisition of BankThai strengthened CIMB Group’s universal banking platform across major ASEAN markets – Malaysia, Indonesia, Singapore and Thailand – and made the Group’s retail network the widest in ASEAN, with over 1,100 branches.
BankThai was rebranded as “CIMB Thai” when it was officially launched in 2009.


2009

New Headquarters for CIMB Bank and CIMB Islamic
The 39-storey Menara Bumiputra-Commerce houses CIMB Group’s consumer banking franchises — CIMB Bank and CIMB Islamic. Officiated by the Seri Paduka Baginda Yang di-Pertuan Agong Tuanku Mizan Zainal Abidin Ibni Al-Marhum Sultan Mahmud Al-Muktafi Billah Shah and Seri Paduka Baginda Raja Permaisuri Agong Tuanku Nur Zahirah, the building site was partly chosen to preserve the Bank’s historical links to the area where the headquarters of the Bank’s predecessors, Bank Bumiputra and the United Asian Bank, were located.


2009

CIMB Thai officially launched
CIMB Thai’s new brand and logo were unveiled to the public in May 2009 by Khun Korn Chatikavanji, Thailand’s Minister of Finance. The rebranding launch, which was also attended by Dr Tarisa Watanagese, Governor of the Bank of Thailand, was part of CIMB Thai’s transformation into becoming a financial institution that offers innovative products and service to the Thai market, backed by the resources of a leading regional universal banking group.

2009

Launch of CIMB Bank Singapore
CIMB Group set up retail banking services in Singapore in September 2009. Through its strong service propositions, CIMB Bank Singapore has brought innovative products that maximise value for money in a competitive environment.
The retail banking component complements CIMB Group’s existing securities, advisory and corporate lending businesses in Singapore.

2010

CIMB Group expands to Cambodia
CIMB Group spreads its wings to Cambodia through the fully-owned subsidiary CIMB Bank Plc. The first branch, which also serves as the headquarters, was officially launched in Phnom Penh on 19 Nov 2010.

2011

CIMB 2.0
CIMB Group starts ‘CIMB 2.0’ an organisational step change to recalibrate and accelerate its businesses. The Group rebrands to a red logo through all divisions and launches a new tagline of ‘ASEAN For You.’ In order to support ASEAN economic integration, the Group also launches the CIMB ASEAN Research Institute and the CIMB ASEAN Conference series.

2012

CIMB Group reaches Asia Pacific and beyond
CIMB Group starts the acquisition of most of the Asia Pacific cash equities and associated investment banking businesses of the Royal Bank of Scotland, and expands or adds operations in Sydney, Melbourne, Hong Kong, Seoul, Taipei, London and New York. CIMB Group acquires SICCO Securities, a Thai stock broking company.