Fifth Annual Cooler Earth Sustainability Summit on Sept 11

CIMB Group Holdings is set to host its fifth annual Cooler Earth Sustainability Summit from September 11 to 21, 2023, focusing on sustainability in action and the opportunities arising from transitioning to greener economies and more equitable societies. The summit will be accessible virtually and is open to all interested parties. It aims to connect businesses with public and private sector leaders and civil society representatives to explore ways to drive and benefit from sustainable practices. The event will feature keynote presentations, expert panel discussions, masterclasses, and networking sessions, providing valuable insights on integrating environmental and social considerations into business strategies and navigating regulatory changes. Notable speakers include Malaysia’s Minister of Investment, Trade & Industry, Jared Diamond, a Pulitzer Prize-winning author, and Sir Robert Swan, a renowned explorer. Additionally, a Government Linked Investment Companies CEO leaders panel will discuss ESG portfolio aspirations and the transition to a low-carbon economy. CIMB aims to highlight how businesses can position themselves at the forefront of sustainability in the changing economic landscape. Read More Stories on Business News

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CIMB focuses on investing in areas of growth

Kuala Lumpur: CIMB Group saw a positive recovery in FY21, with strong underlying performance recovery across all business segments and geographies. The improved YoY performance was driven by solid growth in operating income, discipline in containing cost escalation and lower provisions as per target. The Group met or exceeded all FY21 financial profitability targets, including annualised ROE, CIR and credit cost/provisions. These included achieving a record low CIR of 48.6% in FY21. In addition, CIMB Group remained well-capitalised as it achieved its highest ever common equity tier 1 ratio of 14.5% as at Dec-21, from 13.9% as at Sep-21 and 13.3% as at Dec-20, reflecting the Group’s capital strength and resilience. The Group declared a total annual dividend of 22.99 sen per share or RM2.33 billion for FY21, translating to a payout ratio of 50.1% based on core net profit, in line with its dividend policy. The results were presented during CIMB’s 65th AGM with shareholders yesterday, held virtually, where all 9 ordinary resolutions tabled at the AGM were successfully passed, and the audited financial statements for the financial year ended FY21 were duly received. The meeting was chaired by Datuk Mohd Nasir Ahmad, Chairman of CIMB Group, with the Board of Directors and Dato’ Abdul Rahman Ahmad, Group CEO of CIMB Group in attendance. Speaking at the AGM, Nasir says, “On behalf of the Board, I would like to express my utmost appreciation to all our stakeholders for their continued trust and association with us over another uncertain year. The past two years have demonstrated that financial performance is vulnerable to external forces, acting as a litmus test for financial institutions’ ability to respond to stakeholders when they are at their most vulnerable. CIMB and sustainability “In 2021, we managed our stakeholder relationships with renewed care and purpose towards…

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New push for ESG performance among local PLCs

Kuala Lumpur: Bursa Malaysia Bhd and CIMB Group Holdings Bhd entered into an MoU to accelerate the adoption of environmental, social and governance practices among Malaysian Public Listed Companies through the #financing4ESG initiative. Through this MoU, CIMB will become the first home-grown bank to collaborate with the Exchange on #financing4ESG. Under the MoU, CIMB will collaborate with Bursa Malaysia to offer sustainable finance offerings for Malaysian PLCs in alignment with the ratings model of the FTSE4Good Bursa Malaysia index. The collaboration aims to help Malaysian PLCs improve their sustainability performance and ratings for inclusion in the index, and at the same time support their transition towards more sustainable business practices through various green, social, sustainable impact products and services offered by the Group. As part of the collaboration, Bursa Malaysia will also coordinate joint engagement and onboarding sessions for eligible PLCs together with CIMB on the F4GBM framework, as well as the Group’s solutions under its GSSIPS Framework. ESG offerings These solutions may include CIMB’s existing ESG offerings such as sustainability-linked loans and sustainability-linked treasury solutions for corporate clients, which encourage sustainable practices by providing financial incentives to the clients based on their achievement of pre-agreed sustainability performance targets. CIMB may also reference the F4GBM framework and ratings model in structuring sustainability- linked transactions with the relevant SPTs for corporates that seek to raise financing or enter into a derivative transaction whilst also strengthening their ESG adoption. “As ESG compliance and disclosure have become a global demand, we are pleased to have CIMB together with us on our journey to enable Malaysian PLCs to become regional leaders in the ESG space,” says Datuk Muhamad Umar Swift, CEO of Bursa Malaysia. “Being one of the largest banks in Malaysia, CIMB is in a position of influence to encourage its clients to adopt ESG…

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