KUALA LUMPUR (July 1): CIMB Group Holdings Bhd has announced that Afzal Abdul Rahim has been appointed an independent director of CIMB Bank Bhd, effective June 29, according to a press statement released by the group today.

On the appointment, CIMB Group chairman Datuk Seri Nazir Razak said, "We are delighted to welcome Afzal to CIMB. He is a proven entrepreneur with experience in the telecommunications and technology sector so he will definitely bring important new perspectives to the Bank board and the group as a whole."

Afzal is director and chief executive officer of TIME dotCom Bhd since Oct 2008. Prior to this role, Afzal served as chief executive officer of the AIMS Asia Group and Global Transit International from April 2003 to October 2008. He also founded the Malaysia Internet Exchange (MyIX) in 2006.

With a trade volume of 3.04 million, CIMB's shares opened today at RM4.36. At closing, the stock fell 6 sen or 1.37% to settle at RM4.31.