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CIMB Group Announces New CEO for CIMB Thai

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Bangkok--21 Oct--CIMB Group
Change to further solidify Group's success in Thai market

CIMB Group ("CIMB" or "the Group") today announces the appointment of Khun Adisorn Sermchaiwong as President and Chief Executive Officer for CIMB Thailand, effective 19 October 2019. The appointment is part of the Group's long-term strategy to ensure that its franchise as a leading ASEAN multinational will continue to remain strong against a fast-evolving and challenging operational landscape. Khun Adisorn succeeds Khun Kittiphun Anutarasoti who will not be continuing at the expiry of his current contract.

Khun Adisorn has been with the Group for seven years. He brings with him a strong track record in banking and finance, in the areas of asset/investment management, wealth management, channels and retail banking, across the Thai and regional markets. He will build on the momentum of the bank's Forward transformation, as successfully established by his predecessor.

Prior to this appointment, Khun Adisorn held the position of Acting President/CEO. He joined CIMB Thai as Senior Executive Vice President ("SEVP") / Head of Consumer Banking. During his tenure as Head of Consumer Banking, Khun Adisorn successfully transformed a loss making franchise to become the largest revenue contributor to CIMB Thai today. In CIMB Thai's Fast Forward transformation programme, his leadership resulted in Consumer Banking contributing over two-thirds of the projected PBT uplift.

As Acting President/CEO, he further strengthened the collaboration across teams and driven better accountability for delivery.

Group CEO, CIMB Group, Tengku Dato' Sri Zafrul Aziz said, "The Board is delighted to appoint Khun Adisorn to the role. Thailand is a strategic market for CIMB and we are pleased to appoint an internal CIMB talent to head our business. His extensive industry and management experience, coupled with his thorough understanding of the local market, will be instrumental in driving our ambitions and plans to build an even stronger and sustainable CIMB franchise for the benefit of our clients".

He added, "I would also like to thank out-going CEO Khun Kittiphun, an exceptional business leader who has transformed CIMB Thai. His commitment to serving the long term interests of the company have materially strengthened CIMB Thai and he leaves a more agile and resilient company well placed to win in this fast changing dynamic market. I would like to thank him personally, and on behalf of the Board, for his contribution."

Khun Adisorn will officially begin in his new role on 19 October 2019. The new appointment will help drive the Group to meet its strategic priorities going forward as laid out in its current growth plan, Forward23, for the period 2019 - 2023.

About CIMB Group

CIMB Group is one of ASEAN's leading universal banking groups and is Malaysia's second largest financial services provider, by assets. It offers consumer banking, commercial banking, investment banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in all 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar, Laos and Philippines). Beyond ASEAN, the Group has market presence in China, Hong Kong, India, Sri Lanka, Korea, the US and UK.

CIMB Group has the most extensive retail branch network in ASEAN of around 740 branches as at 30 June 2019. CIMB Group's investment banking arm is also one of the largest Asia Pacific-based investment banks, offering amongst the most comprehensive research coverage around 600 stocks in the region.

CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.8% shareholder of CIMB Thai in Thailand.

CIMB Group is listed on Bursa Malaysia via CIMB Group Holdings Berhad. It had a market capitalisation of approximately RM52.3 billion as at 30 June 2019. The Group has over 36,000 employees located in 16 countries.


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