CIMB Group Holdings Bundle
Who Owns CIMB Group Holdings?
Understanding a company's ownership is key to grasping its direction and accountability. CIMB Group Holdings Berhad's listing on Bursa Malaysia in 1987 was a pivotal moment, transforming its ownership structure and paving the way for its regional expansion.
Tracing its origins to Bian Chiang Bank (1924) and Ban Hin Lee Bank (1935), CIMB has evolved through strategic mergers into a leading ASEAN universal bank. As of March 31, 2025, it stands as the fifth largest banking group in ASEAN by assets, with RM770.0 billion in total assets and a market capitalization of RM75.2 billion.
Who owns CIMB Group Holdings Company?
Who Founded CIMB Group Holdings?
The ownership history of CIMB Group Holdings Berhad is a tapestry woven from the threads of several pioneering financial institutions. Its roots trace back to the establishment of Bian Chiang Bank in 1924 by Wee Kheng Chiang and Ban Hin Lee Bank in 1935 by Yeap Chor Ee, both founded to serve local business needs.
Early Banking Foundations
Bian Chiang Bank, established in 1924, focused on business financing. Ban Hin Lee Bank, founded in 1935, initially catered to local traders and merchants.
Mergers and Evolution
Over time, entities like Southern Bank Berhad and Bank Bumiputra Malaysia Berhad were incorporated, contributing to the group's lineage through mergers.
Formation of CIMB
Pertanian Baring Sanwa Multinational Berhad became Commerce International Merchant Bankers Berhad (CIMB) in 1986. This marked a significant step towards the modern entity.
Key Consolidation
The acquisition of United Asian Bank by Bank of Commerce in 1991 led to Commerce-Asset Holdings Berhad. This was followed by the merger of Bank of Commerce with Bumiputra-Commerce Bank in 1999.
Founders' Vision
The initial founders envisioned institutions that would support local businesses and communities. This foundational principle guided the early development and subsequent consolidations.
Public Listing
CIMB Group Holdings Berhad was listed on Bursa Malaysia in 2003, which broadened its ownership base significantly and introduced public market oversight.
Precise equity splits for the earliest founders of Bian Chiang Bank and Ban Hin Lee Bank are not detailed in historical records. However, the overarching goal was to establish financial entities that served the needs of local businesses and communities. This ethos continued through various mergers and acquisitions, such as the integration of United Asian Bank into Bank of Commerce, which ultimately paved the way for the formation of Commerce-Asset Holdings Berhad. The subsequent merger of Bumiputra-Commerce Bank with Bank of Commerce in 1999 further reshaped the ownership and control structure, leading to the entity that would eventually become CIMB Group Holdings Berhad. Understanding this complex history is key to grasping the current CIMB Group Holdings ownership.
Ownership Evolution
The journey from individual banks to a unified group involved numerous strategic mergers and acquisitions. This process gradually consolidated ownership and operational control.
- Establishment of Bian Chiang Bank (1924) by Wee Kheng Chiang.
- Founding of Ban Hin Lee Bank (1935) by Yeap Chor Ee.
- Incorporation of Southern Bank Berhad (1965).
- Formation of Bank Bumiputra Malaysia Berhad (1965).
- Establishment of United Asian Bank Berhad (1972).
- Renaming of Pertanian Baring Sanwa Multinational Berhad to Commerce International Merchant Bankers Berhad (1986).
- Acquisition of United Asian Bank by Bank of Commerce (1991).
- Merger of Bank of Commerce with Bumiputra-Commerce Bank (1999).
- Public listing of CIMB Group Holdings Berhad (2003).
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How Has CIMB Group Holdings’s Ownership Changed Over Time?
The ownership structure of CIMB Group Holdings Berhad has been shaped by strategic mergers and public listings since its incorporation. The company has been listed on the Main Market of Bursa Malaysia since 1987, indicating its public trading status.
| Shareholder | Percentage Ownership (as of March 31, 2025) | Type of Shareholder |
|---|---|---|
| Khazanah Nasional Berhad | 21.5% | Government-linked Investment Arm |
| Employees Provident Fund (EPF) | 18.1% | Institutional Investor |
| Kumpulan Wang Persaraan (Diperbadankan) (KWAP) | 5.9% | Institutional Investor |
| Permodalan Nasional Bhd (PNB) | Major Shareholder | Fund Management Company |
| AIA Bhd. | Notable Institutional Investor | Insurance Company |
| Great Eastern Life Assurance Co. Ltd. | Notable Institutional Investor | Insurance Company |
The ownership evolution of CIMB Group Holdings Berhad is marked by significant strategic maneuvers, including the pivotal merger of PT Bank Niaga TBK and PT Bank Lippo Tbk in 2008, which established CIMB Niaga in Indonesia. CIMB Group Sdn. Bhd. currently holds a substantial 92.5% stake in CIMB Niaga. Khazanah Nasional Berhad, a key government-linked entity, played a crucial role by acquiring majority ownership of Lippo Bank in 2005, subsequently transferring all share ownership to CIMB Group in 2007 as part of an internal consolidation. This strategic move bolstered CIMB Group's universal banking platform and expanded its regional footprint. Khazanah has also engaged in portfolio rebalancing, with notable share placements in September 2021 (1.4% for RM664.5 million) and April 2022 (1.0% for RM535.5 million), diversifying its holdings among government-linked funds and other institutional investors. These transactions highlight the dynamic nature of CIMB Group Holdings ownership details and the influence of its major shareholders.
Key Ownership Insights
The shareholding pattern of CIMB Group Holdings Berhad is dominated by government-linked entities, indicating a strong institutional backing. These major shareholders significantly influence the group's strategic direction.
- Khazanah Nasional Berhad is the largest shareholder with 21.5%.
- The Employees Provident Fund (EPF) holds 18.1% of the shares.
- KWAP and PNB are also significant institutional investors.
- The ownership structure reflects a blend of government and institutional investment.
- Understanding who owns CIMB Group is key to grasping its corporate governance.
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Who Sits on CIMB Group Holdings’s Board?
As of July 2025, CIMB Group Holdings Berhad's Board of Directors comprises a balanced mix of independent and non-independent members, underscoring a strong commitment to robust corporate governance. The board is chaired by Datuk Syed Zaid Syed Jaffar Albar, who also serves as an Independent Director, appointed in July 2025. Novan Amirudin holds the position of Group Chief Executive Officer and Executive Director, a role he assumed in July 2024.
| Director Name | Position | Director Type |
|---|---|---|
| Datuk Syed Zaid Syed Jaffar Albar | Chairperson | Independent Director |
| Novan Amirudin | Group Chief Executive Officer | Executive Director |
| Didi Syafruddin Yahya | Senior Independent Director | Independent Director |
| Dato' Lee Kok Kwan | Director | Non-Independent Director |
| Shulamite Khoo | Director | Independent Director |
| Ho Yuet Mee | Director | Independent Director |
| Datin Azlina Mahmad | Director | Independent Director |
| YM Tengku Dato' Sri Azmil Zahruddin Raja Abdul Aziz | Director | Non-Independent Director |
| Lyn Therese McGrath | Director | Independent Director |
The board's composition is further strengthened by experienced individuals such as Didi Syafruddin Yahya (Senior Independent Director), Dato' Lee Kok Kwan (Non-Independent Director), Shulamite Khoo (Independent Director), Ho Yuet Mee (Independent Director), Datin Azlina Mahmad (Independent Director), YM Tengku Dato' Sri Azmil Zahruddin Raja Abdul Aziz (Non-Independent Director), and Lyn Therese McGrath (Independent Director). Datin Rossaya Mohd Nashir serves as the Group Company Secretary. The board collectively brings an average tenure of 4 years, contributing significant experience to the group's strategic direction. CIMB Group Holdings Berhad operates under a one-share-one-vote principle for its ordinary shares, ensuring equitable voting rights. While the company's constitution upholds these principles, the substantial holdings by government-linked entities such as Khazanah Nasional Berhad and the Employees Provident Fund naturally translate into considerable influence through their voting power, impacting the overall CIMB Group Holdings ownership structure. Key committees, including the Audit Committee, Board Risk & Compliance Committee, and Group Nomination & Remuneration Committee, play a crucial role in supporting the Board's oversight functions, aligning with regulatory requirements from Bank Negara Malaysia and Bursa Malaysia. Understanding these dynamics is key to grasping CIMB Group Holdings ownership details and its corporate governance framework, which is essential for anyone looking into CIMB Group Holdings major shareholders or CIMB Group Holdings shareholding pattern.
The voting power within CIMB Group Holdings Berhad is primarily governed by the one-share-one-vote principle for ordinary shares. This structure ensures that each share carries equal weight in shareholder decisions.
- Holders of stock have the same rights as holders of the shares from which the stock arose.
- No dual-class shares or golden shares exist at the holding company level.
- Government-linked investment companies, such as Khazanah Nasional Berhad and the Employees Provident Fund, wield significant influence due to their substantial stakes.
- Board committees actively support the Board in its governance responsibilities.
- This structure is vital for understanding CIMB Group Holdings ownership and the influence of CIMB Group Holdings major shareholders.
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What Recent Changes Have Shaped CIMB Group Holdings’s Ownership Landscape?
Over the last few years, CIMB Group Holdings Berhad has experienced shifts in its ownership, largely influenced by its significant government-linked shareholders. Khazanah Nasional Berhad, while still the largest shareholder, has adjusted its holdings through strategic share placements as part of its portfolio management and funding for new initiatives.
| Shareholder | Stake (as of March 31, 2025) |
|---|---|
| Khazanah Nasional Berhad | 21.5% |
| Employees Provident Fund (EPF) | 18.1% |
| Kumpulan Wang Persaraan (Diperbadankan) (KWAP) | 5.9% |
These adjustments by Khazanah, including placements in September 2021 (1.4%), April 2022 (1.0%), and September 2023 (reducing stake to 23.01%), reflect a dynamic approach to its investments. The Employees Provident Fund (EPF) and Kumpulan Wang Persaraan (KWAP) remain substantial shareholders, holding 18.1% and 5.9% respectively as of March 31, 2025. The evolving shareholder base indicates a trend towards increased institutional ownership within CIMB Group Holdings Berhad.
Leadership Transitions
Syed Zaid Syed Jaffar Albar assumed the role of Chairman and Director in July 2025, while Novan Amirudin became Group Chief Executive Officer and Director in July 2024. These appointments are key to the company's strategic direction.
Ownership Trends
The ownership structure of CIMB Group Holdings is increasingly dominated by large government-linked funds. This trend highlights a move towards institutional investors, a common pattern in evolving financial institutions.
Financial Performance and Market Position
In 2024, CIMB's net profit doubled over a decade, reaching RM6.98 billion. Revenue grew to RM21 billion, with its market capitalization expanding to RM88 billion, demonstrating sustained growth and investor confidence.
Strategic Outlook
While there have been no explicit privatization announcements, Khazanah's ongoing stake adjustments suggest a dynamic approach to its strategic investments. Understanding the Growth Strategy of CIMB Group Holdings is crucial in this context.
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