Latest news with #Forward30
The Star
2 days ago
- Business
- The Star
CIMB commits RM300bil to sustainable financing by 2030
CIMB Group Holdings Bhd group chief executive officer Novan Amirudin. KUALA LUMPUR: CIMB Group Holdings Bhd has announced a new sustainable finance target of RM300bil by 2030, which reaffirms its commitment to help its clients navigate risks and build resilience in a lower-carbon, more inclusive economy. In a statement, the group said sustainable finance is a central pillar of its 2030 sustainability roadmap, and is an integral component of its Forward30 strategy. Since introducing its sustainable finance roadmap in 2021, CIMB has progressively raised its ambitions, tripling its sustainable finance target from RM30bil to RM100bil for the 2021–2024 period, and now significantly expanding its commitment through 2030. Novan Amirudin, Group Chief Executive Officer and Executive Director of CIMB Group, said: 'Our ambitious sustainable finance target, which is three times higher than our previous target, is anchored on our purpose of advancing customers and society. "We have a critical role to play in supporting our clients in their sustainability journeys, and enabling them to thrive in a low-carbon economy. The group plans to grow its sustainable finance capabilities, with the aim of supporting regional and national plans such as the ASEAN Power Grid, the National Energy Transition Roadmap (NETR) and the Johor-Singapore Special Economic Zone (JS-SEZ). It intends to work closely with clients to adopt responsible business practices, while mitigating the impact of potential carbon taxes, as well as electricity tariff hikes, in order to build long-term resilience and enhanced competitiveness in international markets. 'Our ambition goes beyond financing – it's about deepening partnerships, creating real value and ensuring that the transition is not only green, but fair and inclusive,' said Novan.
Barnama
2 days ago
- Business
- Barnama
CIMB commits RM300 billion to power a greener and more inclusive ASEAN economy by 2030
KUALA LUMPUR, July 14 (Bernama) -- CIMB Group Holdings Berhad ('CIMB' or 'the Group') today announced a new sustainable finance target of RM300 billion by 2030, reinforcing its commitment to help its clients navigate risks and build resilience in a lower-carbon, more inclusive economy. Sustainable finance is a central pillar of CIMB's 2030 sustainability roadmap, and is an integral component of its Forward30 strategy. Since introducing its sustainable finance roadmap in 2021, CIMB has progressively raised its ambitions, tripling its sustainable finance target from RM30 billion to RM100 billion for the 2021–2024 period, and now significantly expanding its commitment through 2030. Novan Amirudin, Group Chief Executive Officer and Executive Director of CIMB Group, said, 'Our ambitious sustainable finance target, which is three times higher than our previous target, is anchored on our purpose of advancing customers and society. We have a critical role to play in supporting our clients in their sustainability journeys, and enabling them to thrive in a low-carbon economy. As one of ASEAN's leading banks, CIMB is committed to enabling realworld impact by directing capital towards responsible businesses, as well as activities that reduce emissions, protect ecosystems and generate meaningful social outcomes, to ensure no one is left behind.'
New Straits Times
2 days ago
- Business
- New Straits Times
CIMB sets RM300bil sustainable finance target by 2030
KUALA LUMPUR: CIMB Group Holdings Bhd has set a new sustainable finance target of RM300 billion by 2030, more than tripling its previous commitment as it strengthens its role in helping clients manage risks and build resilience in a lower-carbon, more inclusive economy. Sustainable finance remains a core pillar of CIMB's 2030 sustainability roadmap and a key driver of its Forward30 strategic plan. Since rolling out its sustainable finance framework in 2021, the group has steadily raised its ambitions – increasing its initial RM30 billion target to RM100 billion for the 2021–2024 period and now aiming for RM300 billion through the end of this decade. Group chief executive officer and executive director Novan Amirudin said the expanded target underscores CIMB's commitment to advancing both its customers and broader society. "Our ambitious sustainable finance target, which is three times higher than our previous target, is anchored on our purpose of advancing customers and society. We have a critical role to play in supporting our clients in their sustainability journeys and enabling them to thrive in a low-carbon economy," he said in a statement. "We understand the many challenges our clients face, from mandatory reporting requirements like IFRS S2, as well as navigating climate, nature and human rights risks, while responding to increasing customer demands on their supply chains. Our role is to help our clients navigate these complex challenges, enabling them to understand and manage sustainability risks to future-proof their businesses while opening doors to new business opportunities." CIMB is expanding its sustainable finance capabilities to support key national and regional initiatives such as the Asean Power Grid, Malaysia's National Energy Transition Roadmap (NETR), and the Johor-Singapore Special Economic Zone (JS-SEZ). The group aims to help clients adopt responsible business practices and manage sustainability risks while addressing challenges such as potential carbon taxes, rising electricity tariffs and stricter disclosure requirements under frameworks like IFRS S2. CIMB's offering includes sustainability advisory and innovative solutions such as transition finance, nature-based carbon finance and blended finance structures – all designed to drive long-term value creation and meet growing demand for ESG-aligned financial services. Through its GreenBizReady programme, CIMB offers sustainability-linked financing and advisory to help businesses improve environmental performance while accessing lower rates. Its SMEBizReady programme has approved over RM990 million for nearly 500 SMEs in 2024 alone, helping small businesses adopt green technologies, automation and digital tools such as e-invoicing to future-proof operations. For individuals, the group aims to make sustainable lifestyles more accessible and rewarding through special deals for purchases and preferential financing rates for green homes and vehicles. In line with its focus on inclusive development, CIMB is also ramping up efforts to support vulnerable groups, underserved communities and the B40 segment. This includes targeted initiatives such as building financial literacy and awareness of scams as well as micro-investment and protection facilities. "Our ambition goes beyond financing. It's about deepening partnerships, creating real value and ensuring that the transition is not only green but fair and inclusive," said Novan.
New Straits Times
16-06-2025
- Business
- New Straits Times
CIMB names former SC top executive Syed Zaid Albar as new group chairman
KUALA LUMPUR: CIMB Group Holdings Bhd has appointed former head of the Securities Commission Datuk Syed Zaid Albar as the group chairman effective from July 20. He will succeed Tan Sri Mohd Nasir Ahmad, who will retire from the board on July 19 after serving CIMB for 10 years since 2015, including as group chairman since 2018. In line with the transition, Datuk Syed Zaid will be appointed as an independent non-executive director effective from June 18. Mohd Nasir Ahmad said Syed Zaid's leadership and extensive corporate experience across legal industry, financial and regulatory landscape will bring valuable perspective in guiding CIMB through its next chapter of growth and transformation. "We are confident that his stewardship will provide strong guidance in driving the success of the Group's Forward30 strategic plan," he said in a statement. Syed Zaid is a lawyer with four decades of experience across a broad range of practice areas, with a strong focus on financial services and corporate advisory. As one of the founding partners of Albar & Partners, he has established himself in Malaysia's capital market and legal landscape, particularly in debt and equity finance, including Islamic finance. His significant contributions have earned him multiple recognitions for his involvement in notable capital market transactions. Syed Zaid stepped away from legal practice in 2018 to assume the role of executive chairman of the SC, a position he held until mid-2022. During his tenure at the SC, Syed Zaid played a key role in strengthening the governance, regulatory oversight and the development of Malaysia's capital markets, both domestically and internationally. He rejoined Albar & Partners in early 2023 as a senior partner, taking on an advisory role and professional development. Syed Zaid previously served the boards of numerous public listed companies, including Yinson Holdings Bhd, Cycle & Carriage Bintang Bhd, Malaysian Pacific Industries Bhd and Malaysia Building Society Bhd. CIMB group chief executive officer Datuk Novan Amirudin said it looks forward to Syed Zaid's guidance as it executes Forward30 strategic plan over the next six years, which is anchored on its purpose of advancing customers and society. "Our goal is to be the top-of-mind Asean bank, reimagining banking by embedding ourselves into our customers lives and keeping our customers at the heart of everything we do. "I would like to extend our deepest appreciation to Mohd Nasir for his exemplary leadership and invaluable contributions over the past decade.
Business Times
04-06-2025
- Business
- Business Times
CIMB set to appoint former Securities Commission chief Syed Zaid as chairman: sources
[KUALA LUMPUR] CIMB Group Holdings is preparing for a leadership transition, with former Securities Commission Malaysia chairman Syed Zaid Albar expected to take over as chairman of the board, according to a report by Bloomberg. Citing sources, the report said the appointment, which is pending regulatory approval, comes as incumbent chairman Mohd Nasir Ahmad prepares to step down after nearly a decade on the board and six years as chairman. Syed Zaid, who led the Securities Commission from 2018 to 2022, is also a founding partner of law firm Albar & Partners. His return to the financial sector comes at a time when CIMB is navigating a more challenging macroeconomic environment across South-east Asia, where it has significant operations in Indonesia, Thailand, Singapore, and Cambodia. The anticipated change in chairmanship follows the group's steady financial performance in the first quarter of 2025. CIMB posted a net profit of RM2 billion, a 1.9 per cent increase from nearly RM2 billion a year earlier, supported by stronger net interest income (NII). A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up However, revenue fell 2.3 per cent year-on-year to RM5.5 billion, largely due to continued pressure on net interest margins (NIM), though asset growth helped cushion the impact. NII rose slightly to RM3.82 billion on both a quarterly and annual basis. Non-interest income (NOII) climbed 11.1 per cent quarter-on-quarter, supported by a nearly 19 per cent rise in treasury client sales and a 12.6 per cent increase in fee and commission income. In a filing with Bursa Malaysia, CIMB reaffirmed its commitment to its Forward30 strategic plan that was launched in March. This six-year roadmap focuses on strengthening customer experience, improving operational efficiency, and driving sustainability-led initiatives. The group also recently restructured its leadership in Thailand and Cambodia, while identifying those two markets, along with Singapore, as growth engines for regional expansion. Being South-east Asia's fifth-largest lender by assets, CIMB operates 592 retail branches and employs more than 33,000 staff across 10 markets as at end-2024, serving around 28 million customers. Analysts said CIMB's latest results were broadly in line with expectations, though margin compression remains a concern. Kenanga Research's Clement Chua noted that CIMB, alongside AmBank, was one of the few banks in Malaysia to post a sequential uptick in NIMs. However, gains were offset by declining asset yields and elevated funding costs in Indonesia. While the group maintained its full-year NIM guidance of a deterioration of up to five basis points, analysts said it is now more likely to trend toward the lower end of that range, added Chua. Maybank Investment Bank analyst Desmond Ch'ng said CIMB's wide footprint in South-east Asia exposes it to greater regional volatility compared to more domestically focused peers. 'Any slowdown in Malaysia would weigh on earnings, but the group is also vulnerable to monetary and currency trends in Indonesia and Thailand,' he said, noting that further rate cuts in Indonesia or a weaker rupiah could erode margins and reduce the translated earnings from CIMB Niaga. Despite these challenges, RHB Research analysts David Chong and Nabil Thoo said CIMB is entering this phase of uncertainty with a strong liquidity position, better asset quality, and flexibility to manage funding pressures. They pointed to CIMB's ability to reduce campaign deposit rates in Malaysia by 10 to 20 basis points in May and its strategy to wind down costlier wholesale funding. 'Direct exposure to US tariffs is limited, with less than 3 per cent of CIMB's loans linked to trade-related sectors and just 0.4 per cent of customers deriving over 20 per cent of their revenue from the US market,' they said in a note on Monday (Jun 3).
