CIMB Group is positioning itself as a leading focused ASEAN banking group, reinforcing its regional footprint and customer proposition under its Forward30 strategy. At its inaugural ASEAN Media Trip, Group CEO Novan Amirudin (Novan), together with key business leaders, shared comprehensive insights on the group’s strategic priorities, regional aspirations, disciplined approach to growth and recent financial performance. The ASEAN Media Trip, the first of its kind organised by CIMB, brought together media representatives from across the region for an in-depth dialogue with the bank’s top executives. The event was designed to foster transparency, deepen stakeholder engagement, and provide a comprehensive overview of CIMB’s regional strategy, financial result and leadership perspectives. The discussions provided insights into how the group balances its purpose-led mission with financial discipline and operational execution, offering a candid look into the leadership’s thinking and the bank’s future plans. Purpose-driven growth anchored on advancing customers and society Novan opened the media fireside chat and ‘question and answer’ by stating, “We are a purpose-driven organisation. Our purpose is to advance customers and society.” This clear articulation of CIMB’s mission set the tone for the entire conversation. For him, this was not just corporate rhetoric but a practical guidepost for strategy, people leadership and business growth. He stressed that the group’s corporate values — encapsulated in the acronym EPICC for Enabling Talent, Passion, Integrity and Accountability, Collaboration and Customer-centricity — underpin everything it does. “It’s not a tagline. It’s something that we have to make sure is inculcated in every leader,” Novan said, explaining that the bank’s leadership scorecards are directly tied to these values. By embedding EPICC across its operations and leadership culture, CIMB aims to create an environment of shared accountability. This values-driven approach, Novan maintained, enhances the group’s credibility in the markets it operates in and builds resilience in navigating diverse ASEAN business landscapes. Forward30 — A strategy framed around the “four C’s” of financial discipline Novan laid out the core strategic priorities under Forward30, explaining that “Forward30 is built around four Cs: Capital, Cash, Cross-sell, and Capabilities.” These priorities are supported by tangible financial indicators. On Capital, he said CIMB aims to optimise its capital allocation and use it to strengthen its balance sheet and overall financial resilience. “We want to make sure that we’re using capital efficiently,” he noted. In financial year (FY) 2024, CIMB delivered a return on equity (ROE) of 11.2%, maintaining a healthy balance sheet with total assets reaching MYR 755.1 billion (about $178.8 billion). Its common equity tier 1 (CET1) capital ratio stood at 14.6%, reflecting strong capital adequacy. Cash refers to the group’s focus on building a low-cost deposit franchise. Novan underlined that improving the current and savings account (CASA) ratio is not just a financial metric but a critical enabler of sustainable growth. CIMB’s CASA ratio stood at 43.1% at the end of 2024. Total deposits grew 5.2% year-on-year (YoY) (constant currency), reinforcing the bank’s funding stability. For Cross-sell, he pointed to the importance of leveraging the group’s integrated ASEAN franchise: “We want to be a one-bank ASEAN platform.” In FY2024, CIMB reported a non-interest income (NOII) ratio of approximately 31%, with a target of reaching 33-34% by 2030. Wealth assets under management (AUM) reached more than MYR 300 billion (about $70.8 billion) across ASEAN, reflecting strong traction in cross-sell initiatives across segments. Finally, Capabilities reflect the drive towards making CIMB a “Simpler, Better, Faster” organisation. He emphasised capability building — not just in technology, but in leadership and execution — to maintain the cost-to-income ratio (CIR) at an efficient 46.7% in FY2024, with aspirations of reducing it to the low 40s by 2030. Asset quality also remained resilient, with a gross impaired loans (GIL) ratio of 2.1% for FY2024, cost of credit of 25 basis points, and allowance coverage at 105.3%, reflecting prudent risk management alongside growth. A focused ASEAN strategy anchored on trust, customer relevance and market context Novan repeatedly reinforced the idea that ASEAN is not a monolith and that success comes from adapting to each market’s unique dynamics. “We have to play accordingly to the circumstances that we face on the ground,” he said. He cautioned against a blanket approach to growth across markets.In Malaysia, he cited CIMB’s strong retail franchise, serving over eight million customers. But he contrasted that with markets like the Philippines and Vietnam, where the bank opted for a fully digital model, enabling efficient and scalable customer engagement without a large physical footprint. He also highlighted Touch ‘n Go’s reach to over 30 million users as evidence of how digital platforms can extend market relevance beyond traditional banking. This market-sensitive strategy stands in contrast to other regional banking groups that have pursued a more homogenised ASEAN strategy. Novan made it clear that CIMB’s approach is about balancing regional ambition with local adaptability, leveraging its knowledge of local markets to ensure sustainable growth. Driving digitalisation and operational efficiency with measurable results Novan stressed that digitalisation is not a buzzword for CIMB but a critical means of serving customers better and driving operational efficiency. “We believe digital will enable us to serve our customers better, but at the same time also help us manage our costs better.” The group’s digital strategy includes the CIMB OCTO app in Malaysia, which has enhanced customer engagement and helped streamline operations. In FY2024, over 110 million transactions were conducted via CIMB OCTO monthly, a 70% increase from the previous year. Meanwhile, in the Philippines and Vietnam, fully digital banks serve as low-cost, high-efficiency platforms that help CIMB connect with emerging customer segments. The group’s CIR stood at 46.9% in the first quarter of 2025, driven by sustained cost prudence, but not at the expense of investments in technology and resilience. The focus on data-driven insights and behavioural analytics further supports its strategy of personalised engagement and cost efficiency. Fostering regional connectivity and cross-border growth in ASEAN On the topic of ASEAN integration, Novan highlighted CIMB’s advantage as a regional player: “We have presence in all the major ASEAN markets.” This footprint allows CIMB to facilitate cross-border solutions for clients, particularly in treasury, trade and wealth management. However, he acknowledged that regulatory complexities remain a challenge. “Regulatory harmonisation is a challenge, but it is also an opportunity,” he said, explaining that CIMB works closely with regulators in every market to ensure compliance while advocating for frameworks that support regional banking integration. CIMB’s cross-border strategy is further enhanced through partnerships, such as its remittance collaboration with Touch ‘n Go and regional ecosystem partners. These initiatives not only deepen customer engagement but also reinforce CIMB’s ability to deliver integrated financial solutions across ASEAN. Selective inorganic growth guided by strategic discipline and peer context Novan was unequivocal that CIMB would not pursue inorganic growth for its own sake. “We’re not pursuing growth for growth’s sake,” he declared. Rather than comparing itself explicitly with regional peers, Novan explained that CIMB’s inorganic strategy is guided by a disciplined assessment of strategic fit, financial viability and long-term value creation. The ASEAN landscape has seen notable regional players engage in headline-grabbing inorganic moves to strengthen their ASEAN footprint. While these deals illustrate differing strategic approaches, Novan maintained that CIMB’s philosophy focuses on ensuring any inorganic move aligns with its long-term objectives and builds on its existing capabilities. He emphasised that any potential acquisition or partnership must enhance CIMB’s strengths in digital, wealth management or cross-border banking. CIMB Niaga in Indonesia stands as a successful example of inorganic growth executed with strategic alignment and market understanding. Ensuring consistency of execution across businesses and markets Novan acknowledged that ensuring consistency of execution across a diverse ASEAN network is a challenge. He said this is why CIMB embeds the EPICC values and Forward30 framework into leadership scorecards and performance management systems. “It has to start with leadership,” he said. The ASEAN Media Trip also featured insights from the CEOs of CIMB’s core business units: Haniz Nazlan, CEO of group consumer banking, spoke about the CIMB OCTO platform’s role in enhancing customer engagement and enabling data-driven insights. He emphasised that ensuring a seamless customer experience across markets is key to strengthening the bank’s consumer franchise. Chu Kok Wei, CEO of group wholesale banking, highlighted that trust and integrity are paramount in delivering consistent client experiences for corporate customers across ASEAN. He stressed the importance of long-term relationship building and consistent service delivery in maintaining the group’s wholesale banking leadership. Lawrence Loh, CEO of group commercial and transaction banking, shared that his leadership role helps bridge solutions between wholesale, small and medium-sized enterprise and retail clients. He underlined the importance of ecosystem partnerships and platform integration in ensuring consistency and relevance across CIMB’s business lines. Disciplined execution and long-term value creation Novan made it clear that embedding execution rigour and holding leaders accountable at every level is essential for CIMB to move decisively forward. “It has to start with leadership,” he noted, reinforcing that performance management and cross-market collaboration are critical tools to drive consistent execution. In FY2024, CIMB declared a dividend payout ratio of 55.5%, reflecting its commitment to shareholder returns alongside strategic reinvestment. The leadership team’s collective insights during the ASEAN Media Trip reflect a unified, pragmatic approach to strategic growth — one that positions CIMB as a purpose-driven, customer-focused ASEAN banking group with a clear roadmap for sustainable expansion, consistent execution and long-term value creation.
