CIMB announces senior management changes

by **Cals** Fri 13 Mar 2015, 02:47

CIMB announces senior management changes

By Chester Tay / theedgemarkets.com | March 12, 2015 : 7:23 PM MYT

KUALA LUMPUR (Mar 12): [size=14]CIMB Group Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) (fundamental: 1.05; valuation: 2.1), the country's second largest lender by assets, has announced senior management changes within its group.

Tigor Siahaan has been nominated to head up CIMB's 97.9%-owned Indonesian unit PT Bank CIMB Niaga, replacing Arwin Rasyid who has expressed his intention to retire.

Tigor is currently the chief country officer of Citi Indonesia. In his 20 years with Citi, in Indonesia and New York, Tigor has held roles in institutional recovery management, country risk management and corporate and investment banking where he served multiple customer segments including financial institutions, multinationals and local corporates.

Effendy Shahul Hamid will assume the role of chief executive officer (CEO) of CIMB group asset management and investments.

Effendy joined CIMB in 2004 as an investment banker before assuming his most recent role as group chief marketing and communications officer.

Kwan Keen Yew, meanwhile, has been named group chief compliance officer.

Kwan has over 15 years of legal and compliance experience and was most recently the head of legal and compliance at Standard Chartered Bank Malaysia.

In a statement today, CIMB group CEO Tengku Datuk Zafrul Tengku Abdul Aziz said the latest appointments are key as the group executes its Target 2018 (T18) plans and continue to build its Asean business.

T18 is the product of a strategic review exercise that began in January last year. The project continued on a separate stream from the RHB Capital Bhd-Malaysia Building Society Bhd merger, and is now moving into the implementation stage.

CIMB shares closed five sen or 0.86% higher at RM5.85 today, with 10.67 million shares done, giving it a market capitalisation of RM48.86 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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