KUALA LUMPUR: CIMB Group Holdings Bhd (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 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 group asset management and investments. Effendy joined CIMB in 2004 as an investment banker before assuming his current 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 yesterday, 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 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.
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This article first appeared in The Edge Financial Daily, on March 13, 2015.