History
1924: Bian Chiang Bank was established in Kuching, Malaysia 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, Malaysia 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 financial instituition. It was then listed on the Kuala Lumpur Stock Exchange on January 7, 1991.
1948: Bank Lippo was founded in 1948 with its headquarters in Tangerang, Indonesia.
1955: Established as a national private bank, Bank Niaga expanded to become a full-service bank in 1974.
1965: Southern Bank Berhad (SBB) was founded as Southern Banking Ltd. It started out in Penang and expanded to Kuala Lumpur. It's products included wealth-management products, credit cards and loans for small and medium enterprises (SME).
1965: Bank Bumiputra Malaysia Berhad (BBMB) was incorporated. Set up in line with government initiatives to increase Bumiputra participation in the national economy, the bank grew to be one of the largest, 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 (UAB) 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. Its primary purpose was to encourage enterprise among less prosperous sections of the country.
1974: Pertanian Baring Sanwa Multinational Berhad (PBS) was incorporated by Bank Pertanian, Baring Brothers and Multinational Bank of the United Kingdom, and Sanwa Bank of Japan. 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 following its purchase by the UMNO-owned Fleet group. The bank had RM367 million in total assets and total shareholders' funds of RM12.8 million in 1982.
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. Corporate finance remained CIMB's main focus and stock broking was added 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).
1999: BBMB and Bank of Commerce merged to form Bumiputra-Commerce Bank.
2000: As part of a 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 Kuala Lumpur Stock Exchange. 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 the United States. 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 operations.
2005: Commerce Asset Holdings Berhad (CAHB) announced a 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 then Prime Minister of Malaysia, Dato' Seri Abdullah Ahmad Badawi.
2007: CIMB Group launched its 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.
2009: CIMB Bank and CIMB Islamic moved to a new headquarters, the 39-storey Menara Bumiputra-Commerce which houses CIMB Group’s consumer banking franchises. The building site was the location of the bank’s predecessors, Bank Bumiputra and the United Asian Bank. In the same year, CIMB Thai was officially launched with its new brand and logo unveiled to the public in May 2009 by Khun Korn Chatikavanji, Thailand’s Minister of Finance. In September, CIMB Group set up retail banking services in Singapore through CIMB Bank Singapore.
2010: CIMB Group expanded 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.
2012: CIMB Group purchased the Asian investment banking business of Royal Bank of Scotland, including the RBS franchise in Australia.
Read more about this topic: CIMB
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