Background of CIMB Bank
Our assignment is to investigate the products and services offer by CIMB Bank. The reason we choose CIMB Bank is that it is a pure Malaysian bank. The Board of Director and management team almost all form by Malaysian. The Chairman of CIMB Bank is Tan Sri Dato’ Md Nor and the Chief Executive Officer of CIMB Bank is Dato' Sri Nazir Razak (The son of the Second Malaysia prime minister, Tun Abdul Razak). CIMB Bank is an indigenous ASEAN investment bank and has the widest retail branch network across the region, with over 1100 branches. Briefly discuss about the history of CIMB Bank. CIMB Bank was not the original name at the beginning. It named after the merged of Bank of Commerce (Bian Chiang Bank), United Asian Bank, Bank Bumiputra and so on. At the year 1924, the founder of Bian Chiang Bank established Bian Chiang Bank in Kuching, Sarawak, Malaysia and the founder names Wee Kheng Chiang. The bank's activities were mainly related to business financing and the issuance of bills of exchange. At the year 1979, Bian Chiang Bank renamed Bank of Commerce Bhd. At the year 1935, Ban Hin Lee Bank established in Penang, Malaysia. Original business of the bank focus was to serve local businesses in their trade and merchant activities. In the 1960s, it also branched into real estate and home financing. By the 1990s, the bank had become a modern and thriving financial institution, with its headquarters in Penang and operations throughout Malaysia and Singapore. At the year 1965, Bank Bumiputra was established and it line up with government initiatives to increase Bumiputra (Origin races living in the Malaysia area) participation in the Malaysian economy. In 1986, Bank of Commerce replaced Bank Pertanian as the main shareholder of Pertanian Baring Sanwa Multinational and its name was changed to Commerce International Merchant Bankers Bhd (CIMB). In 1991, CIMB Bank merged with United Asian Bank. In 2000, Southern Bank acquired Ban Hin Lee Bank and this was part of the government-initiated banking consolidation plan. CIMB Bank finally listed on KLSE at the year 2003. At the year 2006, CIMB Bank acquired Southern Bank and CIMB Bank was launched as a Regional Universal Bank. In 2008, CIMB Group and the Principal Financial Group strengthened their partnership with the launch of CIMB-Principal Islamic Asset Management. After the year of global financial crisis happened, CIMB Bank acquired Bank Thai. It set up the new headquarter and then CIMB, also launched CIMB Thai, CIMB Bank Singapore officially and expands their business to Cambodia. The history of CIMB Bank is much more complex than what is written in the assignment and we were unable cover all the information in our assignment. Products and services
CIMB Bank offered various types of products and services to their customer, CIMB Bank main services and products can be divides in to personal banking and business or commercial banking. In the CIMB Bank websites, we can found that CIMB Bank offer current account, saving account, investment account, specialty account, E-Channels and so on for the daily banking users. There are also other products, like debit and credit cards, financing for buying, refinancing and investing in properties for the personal or commercial reason. CIMB Bank also offered some investment plan for the public, like retirement plan, child education plan, share trading and others investment facilities for public. We will also provide the reasons of choosing this bank for our assignment and detail of all the different types of products and services offered by CIMB Bank. Products and services provided by CIMB.
As our assignment, we had researched some products and services for more detail. Following will be the list of products and services:
~Saving account~Current account~Specialty account
~Debit card~Credit card~Buy properties
~Personal finance (overdraft)~Auto financing (Hire-purchase) ~E-channels