KUALA LUMPUR, Feb 6:
CIMB Group Holdings Bhd, Malaysia’s second-biggest lender by assets, today said it will cut investment banking operating costs by 30% this year as part of a plan to reassess its investment banking presence in Asia Pacific.
“We have grown aggressively over the years and have a fantastic platform and brand. However we have weaknesses, and we can no longer depend on a high growth operating environment,” acting group chief executive officer Tengku Datuk Zafrul Tengku Abdul Aziz said in a statement.
CIMB also said it expects to achieve a return on equity of more than 15% by the end of 2018, and that consumer banking will contribute 60% of income.
The bank also said Arwin Rasyid, the CEO of Indonesian subsidiary PT Bank CIMB Niaga Tbk, will step down in April, without naming a successor.
KUALA LUMPUR, Feb 6:CIMB Group Holdings Bhd, Malaysia’s second-biggest lender by assets, today said it will cut investment banking operating costs by 30% this year as part of a plan to reassess its investment banking presence in Asia Pacific.“We have grown aggressively over the years and have a fantastic platform and brand. However we have weaknesses, and we can no longer depend on a high growth operating environment,” acting group chief executive officer Tengku Datuk Zafrul Tengku Abdul Aziz said in a statement.CIMB also said it expects to achieve a return on equity of more than 15% by the end of 2018, and that consumer banking will contribute 60% of income.The bank also said Arwin Rasyid, the CEO of Indonesian subsidiary PT Bank CIMB Niaga Tbk, will step down in April, without naming a successor.
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