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Malaysia's CIMB has no plans to overtake Maybank

Publication Date : 24-08-2014

 

CIMB Group CEO Nazir  Razak has pointed out that his banking group has no plans to overtake Maybank as the largest bank in the country.

“It’s not an aspiration for CIMB to be bigger than Maybank. If we do, it is a coincidence,” said Nazir at the 8th Malaysian Student Leaders Summit here yesterday.

He explained that what mattered to him throughout his tenure heading the group was to create value for shareholders.

“What’s important to CIMB and how we have grown to where we are today lies in taking care of our shareholders,” he said as he narrated his career history to about 200 university students.

Nazir advised them to always hold strong to their principles.

“Never do anything that would not allow you to have a good night’s sleep. Make decisions that are right for your company and clients,” said Nazir, who will be relinquishing his current position that he has held for 15 years to take over as chairman.

He also called upon the youth to uphold integrity and fight corruption.

“Malaysia’s biggest cancer is corruption. Be the army to fight it,” he added.

Nazir also touched on the New Economic Policy (NEP) and economic justice.

“There should not be differentiation in helping people who are poor; that’s why there needs to be a more ‘acceptable’ NEP.

"People also like to use the NEP to not have competition, but there needs to be competition. It has to be needs-based and not affirmative-based when it comes to contracts and tenders,” he said.

 

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