Kuala Lumpur: CIMB Bank was named Malaysia’s Best Bank by Euromoney at the recently concluded Euromoney Awards for Excellence 2010. In the same exercise, CIMB Investment Bank was also named Malaysia’s Best Investment Bank for the fourth consecutive time.
It is the first time Euromoney had awarded the Best Bank title to CIMB Bank and is primarily driven by the uplift in the performance of its consumer banking arm – which had been delivering stellar post-merger results.
According to the magazine, the “Best Bank” title was also awarded in recognition of the Group’s strong net profit and total assets in financial year 2009. Its full-year net profit of RM2.807 billion and total assets of RM240.438 billion stood out when compared to its rivals.
“Year after year, we have watched CIMB – having integrated all its disparate legacy elements – catching up on the rails. This is the year we believe CIMB earned not only the best investment bank title but also that of best bank,” said Clive Horwood, Editor of Euromoney.
“As a universal bank, one with reach and ambition across every area of the business, and with truly regional aspirations, it is time to acknowledge what CIMB has been building all this time,” Horwood added.
“To be recognised as the best bank in Malaysia by Euromoney has been one of our ambitions as it is a “coveted seal of achievement” for the tremendous results of our Malaysian consumer banking transformation over the past few years. We are absolutely delighted. Naturally, we are also pleased to have sustained leadership in Malaysian investment banking too,” said Dato’ Sri Nazir Razak, Group Chief Executive, CIMB Group.