NEW IN BRIEF: JULY 7, 2022

CIMB BANK BHD has announced plans to streamline its shareholding structure which would result in CIMB Group Sdn Bhd (CIMBG), a wholly-owned subsidiary of CIMB Group Holdings Bhd (CIMBGH), acquiring all the remaining ordinary shares of approximately 0.0008 per cent in CIMB Bank that it does not already own for a total consideration of approximately RM1.4 million.

In a filing with Bursa Malaysia, the bank said the exercise involves a members’ scheme of arrangement that would be undertaken with its ordinary shareholders pursuant to the Malaysian Companies Act 2016 and does not involve any arrangement with any creditor of CIMB Bank.

It said the scheme is expected to lead to cost savings and, in turn, improve earnings and improve operational and administrative efficiencies for CIMB Bank.

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It added that the arrangement would not have any material impact on the operations and financial standing of CIMB Bank and the CIMB group of companies.

-- BERNAMA

BURSA MALAYSIA BHD has announced the appointment of Tan Sri Abdul Farid Alias as an independent non-executive director effective on July 8.

In a statement today, the securities exchange operator said prior to his appointment, Abdul Farid was the Malayan Banking Bhd (Maybank) executive director/group president and chief executive officer from August 2013 to April 2022.

It said Abdul Farid is a seasoned chartered banker with over 30 years of investment banking and capital markets credentials, including Aseambankers Malaysia Bhd, Schroders Malaysia, Malaysia International Merchant Bankers Bhd and JP Morgan.

It added that he holds a Bachelor of Science Degree majoring in Accounting from the Pennsylvania State University and Master of Business Administration in Finance from the University of Denver. 

-- BERNAMA