The History of CIMB

Below are the events leading to the formation of CIMB Group. It was comprising of the process of merger, taking over, acquisition and joint venture involving several companies either local or international.

1924: Bian Chiang Bank was established in Kuching by Wee Kheng Chiang. Its primary activities were business financing and the issuance of bills of exchange.

1935: Ban Hin Lee Bank (BHLB) was established 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 and thriving financial instituition. It was then listed on the Kuala Lumpur Stock Exchange on January 7 1991.

1965: Southern Bank Berhad (SBB) was founded as Southern Banking Ltd. It started out in Penang but quickly expanded and set up operations in Kuala Lumpur. It was soon recognized as an important player in wealth management products, credit cards and small-medium enterprise lending (SME).

1965: Bank Bumiputra Malaysia Berhand (BBMB) was incorporated. This was in line with government initatives to increase Bumiputra participation in the national economy. The bank grew to be the most prominent bank for all Malaysians 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.

1972: United Asian Bank Berhad was established in Kuala Lumpur. This was a result of the merger of three Indian-owned banks; Indian Overseas Bank Ltd., Indian Bank Ltd., and United Commercial Bank Ltd. UAB started as a joint-venture in banking between Malaysia and India, taking over the operations of the Malaysian branches of Indian banks in 1972. It established a reputation for encouraging enterprise amongst less prosperous sections of the country.

1974: Pertanian Baring Sanwa Multinational Berhad (PBS) was incorporated by Bank Pertanian, Baring Brothers of United Kingdom, Sanwa Bank of Japan and Multinational bank of the United Kingdom. It was managed by the Baring Brothers and provided corporate advisory and funding services to multinationals.

1979: Bian Chiang Bank was renamed Bank of Commerce Berhad. This was a result of its purchase by the UMNO-owned Fleet group. In 1982, the bank became an institution with RM367 million in total assets and total shareholders’ funds of RM12.8 million.

1986: Pertanian Baring Sanwa Multinational Berhad was renamed Commerce International Merchant Bankers Berhad (CIMB). This was a result of Bank of Commerce Berhad replacing Bank Pertanian as the controlling shareholder of PBS. CIMB retained its corporate finance focus and added stock broking to its range of services.

1991: Bank of Commerce acquired UAB. After the acquisition, Bank of Commerce’s branch network increased almost fourfold. The listed holding company was then renamed Commerce-Asset Holdings Berhad (CAHB). Then BBMB and Bank of Commerce merged in 1999. The result was the emergence of Bumiputra-Commerce Bank.

2000: As part of the government initiated banking consolidation plan, SBB acquired Ban Hin Lee Bank Berhad and also took over two smaller finance companies; Perdana Finance Berhad and Cempaka Finance Berhad.

2003: CIMB was listed on the main board of the KLSE. In the same year, CIMB Islamic was launched providing customers with Syariah compliant solutions.

2004: CIMB acquired 70% of Commerce Trust Berhad (CTB) and Commerce Asset Fund Managers Berhad (CAFM). This led to the formation of CIMB-Principal, a joint venture with the Principal Group of USA. Then in 2005, CIMB acquired Singapore based G.K. Goh which was established in 1979 as an international stock broker. This led to the formation of CIMB-GK, CIMB’s international investment banking operator.

2005: Commerce Asset Holdings Berhad (CAHB) announced its strategic decision to create a universal bank by combining its commercial and investment banks. Following this announcement, Bumiputra-Commerce Group was acquired by CIMB. As part of the exercise, CAHB was renamed Bumiputra-Commerce Holdings.

2006: In January, CIMB completed its restructuring exercise under Bumiputra-Commerce Holdings Berhad. The new CIMB Group was known as a universal bank. It made a transition to a full-service banking provider serving corporates to individuals. Then in March, CIMB Group acquired SBB after extensive negotiations. After the acquisition, in September CIMB Group was launched by the Prime Minister of Malaysia, YAB Dato’ Seri Abdullah bin Haji Ahmad badawi.

2007: CIMB Group launched its flagship presence in both Thailand and USA through the establishment of CIMB-GK Securities (Thailand) Ltd. And CIMB-GK Securities (USA) Inc,. In November, CIMB Foundation launched as a not-for profit organization that will carry out the Group’s corporate social responsibility.

2008: CIMB Group entered into an agreement for a 19.99% stake in Bank of Yingkou adding mainland China to the Group’s network. In the same year CIMB Group undertook the merger of PT Bank Niaga TBK with PT Bank Lippo Tbk to create the 6th largest bank in Indonesia. CIMB Group and the Principal Financial Group launched CIMB-Principal Islamic Asset Management also in that year. Lastly, CIMB Group entered into an agreement with Financial Institutions Development Fund to purchase a 42.13% stake in Bank Thai Public Company.