CIMB Bank is a Malaysian bank with branches in Malaysia as well as in many other countries. Its name is the acronym for Commerce International Merchant Bankers. CIMB operates as a universal bank involved in various banking activities as commercial bank and investment bank.
CIMB is the result of many bank mergers. Its oldest entity traces its roots to 1924, when Bian Chiang Bank was founded in Kuching by Wee Kheng Chiang of the same Wee family that were the founding members of United Overseas Bank (UOB) in Singapore in 1971.
In 1935, the Towkay Yeap Chor Ee established Ban Hin Lee Bank in Penang. Later becoming known as BHL Bank, it was listed on the Kuala Lumpur Stock Exchange in 1991. In 1948, Bank Lippo was established in Indonesia while in 1955, Bank Niaga was also established in Indonesia. In 1965, Southern Banking Ltd was also established in Penang, the same year that Bank Bumiputra Malaysia Bhd was founded. In 1972, United Asian Bank Bhd was established in Kuala Lumpur while in 1974, Pertanian Baring Sanwa Multinational Bhd was founded. Pertanian Baring Sanwa Multinational became known as Commerce International Merchant Bankers (CIMB) in 1986.
Seperately in 1991, Bank of Commerce acquired United Asian bank, and the new entity became known as Commerce-Asset Holdings Bhd. It changed its name again in 1999, when it merged with Bank Bumiputra, becoming Bumiputra-Commerce Bank. Meanwhile, government-initiated bank consolidation saw the acquisition of BHL Bank by Southern Bank, which also acquired United Merchant Finance, Perdana Finance and Cempaka Finance.
In 2005, CIMB acquired Bumiputra-Commerce Group and the following year, the Southern Bank Group, and from 2006, became the new CIMB Group which has branches all over Malaysia, with many in Penang.