CIMB Chief Steps Down To Take Finance Minister Role
In this article (4)
CIMB Group Holdings announced on Monday that its chief has relinquished his post on Monday, as he has been appointed the new Finance Minister in Malaysia.
Zafrul Tengku Abdul Aziz , who has been appointed the new Finance Minister on Monday, has resigned as group CEO of CIMB Group Holdings and CEO of CIMB Bank. He has also resigned from all other board positions on the same date, the lender said in a statement on Monday.
The appointment of Zafrul was announced by Prime Minister Muhyiddin Yassin when he unveiled his new Cabinet. Tengku Zafrul has served the Group for six years when he re-joined in 2014. He has done an outstanding job, shaping CIMB’s transformation under our T18 and Forward23 strategic plans, said Chairman of CIMB Group Holdings Mohd Nasir Ahmad.
In his place, the board has appointed Omar Siddiq, currently the Group Chief Operating Officer, as Officer-in-Charge for CIMB Group and CIMB Bank Berhad, marking a start in the group’s succession plan.
CIMB Group is Malaysia’s second-largest financial services provider by assets, offering consumer banking, commercial banking, investment banking, Islamic banking, and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in all 10 Southeast Asian nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar, Laos and Philippines), with 702 branches as at 31 December 2019.
Beyond Southeast Asia, the Group has market presence in China, Hong Kong, India, Korea, the U.S., and U.K. CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank, and CIMB Islamic. CIMB Group is also the 92.5 percent shareholder of Bank CIMB Niaga in Indonesia, and 94.8 percent shareholder of CIMB Thai in Thailand.
Questions & Answers
Q.When did Zafrul Tengku Abdul Aziz first join CIMB Group, and what was his impact during his time there?
When did Zafrul Tengku Abdul Aziz first join CIMB Group, and what was his impact during his time there?
He re-joined the Group in 2014, serving for six years. The Chairman stated he did an outstanding job, shaping CIMB's transformation through their T18 and Forward23 strategic plans.
Q.Who has been appointed to temporarily replace Zafrul Tengku Abdul Aziz, and what is their current role?
Who has been appointed to temporarily replace Zafrul Tengku Abdul Aziz, and what is their current role?
Omar Siddiq, the current Group Chief Operating Officer, has been appointed as Officer-in-Charge for CIMB Group and CIMB Bank Berhad. This appointment marks the beginning of the group’s succession plan.
Q.What is CIMB Group Holdings' position within Malaysia's financial services sector, and where does it operate?
What is CIMB Group Holdings' position within Malaysia's financial services sector, and where does it operate?
It is Malaysia's second-largest financial services provider by assets, headquartered in Kuala Lumpur. The Group is present in all 10 Southeast Asian nations and has a market presence beyond that, including China, India, and the U.K.
Reader pulse
Is Zafrul's move a net positive for CIMB?
22,475 votes so far