Commerce International Merchant Bank (CIMB, MYX: 1023), the second largest bank in Malaysia, was established in 1924 and is one of the largest Islamic banks in the world by assets.
History
After its establishment, CIMB Bank has developed into a merger of banks over the decades:
- CIMB Bank
CIMB Bank was established by Huang Qingchang in Kuching, Sarawak in 1924. The bank initially focused on commercial financing and the issuance of money orders. It was later acquired by UMNO Fleet Holding Group in 1975 and renamed Bank Of Commerce Berhad.
- Ban Hin Lee Bank
On September 17, 1935, businessperson Ye Zuyi founded Wan Hing Lee Bank to provide various financial services and financing facilities to the local business community.
On April 2, 2012, Royal Bank of Scotland sold most of its Asian cash stocks and investment banking business to CIMB Group for 174 million pounds, making CIMB Group the largest investment banking operator in the Asia Pacific region (excluding Japan). On May 8, CIMB Bank acquired a 60% stake in San Miguel Group's Philippine Commercial Bank for 12.203 billion Philippine pesos, increasing the number of retail banking branches to 1,239
