Wednesday, February 17, 2010

About CIMB Group

Thanks, Wikipedia.

CIMB Group is Malaysia's second largest financial services provider and the fifth largest in Southeast Asia.

CIMB Group operates as a universal bank offering a full range of financial products and services.

CIMB serves close to seven million customers in over 600 locations.

Its main markets are Malaysia, Indonesia, Singapore and Thailand.

In addition, CIMB extends its regional reach and range of products and services through strategic partnerships. Partners include the Principal Financial Group, Allianz Malaysia, Bank of Tokyo, Daewoo Securities, Malaysia Airlines, Pos Malaysia, 7 Eleven and Singer.

CIMB began in 1924 with Bian Chiang Bank. It was established in Kuching, Sarawak by Wee Kheng Chiang. Bian Chiang Bank was renamed Bank Of Commerce (BOC) in 1979 when it was purchased by Bank Bumiputera Malaysia (BBMB), a Malaysian government-owned bank.

In 1935, Ban Hin Lee Bank (BHLB) was established in Georgetown, Penang by Yeap Chor Ee.

In 1965, Southern Bank (SBB) was established in Georgetown, Penang.

In the same year, Bank Bumiputera Malaysia (BBMB) was established to assist indigenous Malaysians. By 1980 it had become the largest Malaysian bank.

In 1972, the United Asian Bank (UAB) was established as a joint venture between an Indian bank and the Malaysian government via BBMB.

In 1974, Pertanian Baring Sanwa (PBS) was formed as a joint venture between Bank Pertanian (Agro Bank) of the Malaysian government, the Baring Brothers and Multinational Bank of the United Kingdom and Sanwa Bank of Japan. It was renamed Commerce International Merchant Bank (CIMB) in 1986 when BOC (owned by BBMB) bought over the shares of Agro Bank.

In 1991, BOC (owned by BBMB) acquired UAB. UAB became Commerce Asset Holdings (CAHB).

In 1999, BOC (under BBMB) and BBMB merged to form Bumiputera Commerce Bank (BCB).

In 2000, SBB acquired BHLB.

In 2005, SBB was acquired by BCB and CIMB (under BCB) bought over BCB. CAHB (under BCB) became Bumiputera Commerce Holdings.