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CIMB GroupMalaysia

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CIMB Group's headquarters in Kuala Lumpur, Malaysia. Photo: Photo by CEphoto, Uwe Aranas via Wikimedia Commons (CC BY-SA 3.0)

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Last update: 2024-10-18 10:56:20
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About
Website http://www.cimb.com
Headquarters
Jalan Raja Laut
50350 Kuala Lumpur
Malaysia
CEO/chair Novan Amirudin
CEO
Supervisor
Central Bank of Malaysia
Ownership
listed on Bursa Malaysia

CIMB Group's largest shareholder is Khazanah Nasional (a sovereign wealth fund owned by the Government of Malaysia) with 21.6% of the shares (as of Aug 31 2024). The bank's complete shareholder structure can be accessed here.

CIMB Group is a large commercial bank headquarted in Kuala Lumpur, Malaysia. It was founded in 1924 as Bian Ching Bank in Kuching. After several mergers with other banks such as Ban Hin Lee Bank, Bank Lippo, Bank Niaga, United Asian Bank, Southern Bank and Bumiputra Commerce Bank, CIMB Group was officially formed in 2006. Its operations are focused on Consumer Banking, Corporate & Institutional Banking and Markets and Group Asset Management & Insurance. CIMB's investment bank is one of the largests in Asia. It also has an Islamic banking and finance franchise, called CIMB Islamic.

Sustainability
Commitments
Policies
Voluntary standards

CIMB Group's most important sustainability commitments can be found at the website sections listed below.

Links

Sustainability

Human rights policy

date listed represents date as accessed on website
Bank policy
2024-10-18 00:00:00 | CIMB Group

Statement on Biodiversity and Nature

Bank policy
2024-10-16 00:00:00 | CIMB Group

Sustainable Finance Framework

[Includes High sustainability risk sector position statements p. 26]
Bank policy
2024-07-31 00:00:00 | CIMB Group

Governance and risk (includes sustainability policy, sustainability risk management framework, human rights policy)

Date listed represents date as accessed on website
Bank policy
2021-11-15 00:00:00 | CIMB Group

Coal financing policy

(page 13 of this document)
Bank policy
2021-09-22 00:00:00 | CIMB Group
CIMB Group has committed itself to the following voluntary standards:
Collective Commitment to Climate Action (CCCA)Tags: climate change | corporate social responsibility | United Nations
Global Reporting InitiativeTags: sustainable development | human rights
Net-Zero Banking Alliance (NZBA)Tags: climate change | corporate social responsibility | energy | energy plants
Principles for Responsible Banking (PRB)Tags: climate change | corporate social responsibility | finance | sustainable development | United Nations | Voluntary Standards
Dodgy Deals

CIMB Group is linked to a number of companies and projects that BankTrack considers controversial (so called Dodgy Deals), e.g. as a current or past financier or through an expression of interest. The profiles below provide more details on the nature of CIMB Group's link to these deals.

Projects / Companies
Finance type
Year
News
BankTrack
Partners
Blog
External
Blog
BankTrack news BankTrack blog Partner news Partner blog

Major ‘coal banks’ refuse to stop financing coal power boom in Asia

To stop a wave of new coal development across Asia, the End Coal Finance coalition is asking likely financiers to pledge not to back new coal power projects.
2024-11-14 | Nijmegen | BankTrack, Inclusive Development International, Recourse
Blog
BankTrack news BankTrack blog Partner news Partner blog

Major banks fueling biodiversity collapse by $395 billion since the Paris Agreement; Governments failing to reign in banks

New reports reveal escalating financing to destructive sectors and highlight the urgent need for financial sector regulations to achieve Global Biodiversity Goals
2024-10-16 | San Francisco | BankTrack, Amazon Watch, CED Cameroon, Friends of the Earth US, Milieudefensie, Profundo, Rainforest Action Network, Repórter Brasil, Sahabat Alam Malaysia, TuK Indonesia
Blog
BankTrack news BankTrack blog Partner news Partner blog

Rights expert urges banks to stop financing Myanmar junta weapons trade

Foreign banks are allegedly helping Myanmar’s military junta acquire weapons and military supplies, facilitating a “campaign of violence and brutality” as the civil war there grinds on, according to an independent UN human rights expert on Wednesday.
2024-06-27 | Tom Andrews, UN Special Rapporteur on the situation of human rights in Myanmar
Blog
BankTrack news BankTrack blog Partner news Partner blog

Coal Havens - Asia’s biggest banks still open for coal business after COP28

The largest banks in India and Indonesia – global hotspots of the coal industry's growth – have no coal exclusion policy
2024-01-23 | Will O'Sullivan – BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Confronting a Fossil Future: Stopping the gas detour in renewable-rich Southeast Asia

Massive plans for gas undermine energy transition in renewables-rich Southeast Asia, new research reveals at COP 28
2023-12-03 | Dubai, UAE | Center for Energy, Ecology, and Development (CEED)
Blog
BankTrack news BankTrack blog Partner news Partner blog

Policy analysis report: Moving away from mass destruction

2023-07-27 | ICAN, PAX
Blog
BankTrack news BankTrack blog Partner news Partner blog

Global bank policies ‘dangerously inadequate’ to prevent financing of deforestation, climate chaos and human rights abuses

As the climate and biodiversity crisis intensifies, credit to forest-risk commodity companies increased 160% between 2020 and 2021.
2022-10-18 | Forests & Finance Coalition
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report: Despite ‘no deforestation’ rhetoric, major brands and banks failing to stop deforestation and human rights abuses

Annual analysis reveals that as threats facing Indigenous communities in rainforest regions increase, demand-side companies are failing to reform supply chains
2022-06-14 | Rainforest Action Network
Blog
BankTrack news BankTrack blog Partner news Partner blog

New Report: Financing a Fossil Future – Tracing the Money Pipeline of Fossil Gas in Southeast Asia

Southeast Asia is spiraling into a fossil future thanks to a massive fleet of gas projects
2022-06-03 | Center for Energy, Ecology, and Development (CEED)
Blog
BankTrack news BankTrack blog Partner news Partner blog

Asian banks falling behind in implementation of UN Human Rights Principles, new BankTrack benchmark shows

New benchmark of 18 Asian banks shows human rights performance below the global average
2022-04-05 | Nijmegen | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

World’s 50 largest banks and investors driving deforestation through weak policies and major investments, new study finds

Top investors BlackRock, Vanguard, State Street, PNB, EPF, GPIF, and KWAP all amongst lowest scoring
2021-06-08 | Forests & Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Five years since the Paris Agreement, are banks' 2050 pledges enough to reign in fossil fuel finance?

How the year's 'Paris-alignment' moves stack up against the measures needed to tackle the climate crisis
2020-12-12 | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Malaysia's CIMB commits to phase out coal financing by 2040

2020-12-08 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

Financial close on Indonesia Java 9 & 10

2020-11-13 | IJGlobal
Blog
BankTrack news BankTrack blog Partner news Partner blog

A call to action on the Principles for Responsible Banking: End climate-destructive financing now

2020-10-20
Blog
BankTrack news BankTrack blog Partner news Partner blog

Principles for Responsible Banking no obstacle to finance climate destruction

Twenty PRB banks provided over US$1.25 trillion in fossil fuel financing since Paris Agreement
2020-09-22 | Nijmegen | BankTrack, Rainforest Action Network
BankTrack news BankTrack blog Partner news Partner blog

Banks are fueling deadly fires, Covid-19 threatens to compound the risks

2020-09-08 | forestsandfinance.org
BankTrack news BankTrack blog Partner news Partner blog

Major Brands and Banks Complicit in the Production of Conflict Palm Oil on Stolen Community Lands in Indonesia

2020-08-21 | Rainforest Action Network
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report profiles major brands and banks driving deforestation and human rights abuses, failing to meet 2020 commitments

2020-03-31 | San Francisco | Rainforest Action Network
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report: Towards responsible and inclusive financing of the palm oil sector

2017-11-15 | Center for International Forestry Research (CIFOR), Profundo
Blog
BankTrack news BankTrack blog Partner news Partner blog

Major international banks and investors finance devastating impacts of forest-risk commodities

New report finds eight corporate giants in palm oil, pulp and paper, timber and rubber involved in social and environmental scandal; exposes financial banking
2017-04-24 | Tokyo | Rainforest Action Network
Blog
BankTrack news BankTrack blog Partner news Partner blog

New online platform reveals banks and investors financing companies linked to tropical forest loss in Southeast Asia

Financial sector under the spotlight in new international push to protect forests and forest communities
2016-09-06 | Singapore | Rainforest Action Network
Resources
Documents
Links

Human rights policy

date listed represents date as accessed on website
Bank policy
2024-10-18 00:00:00 | CIMB Group

Banking on biodiversity collapse 2024

Partner publication
2024-10-16 00:00:00 | Forest and Finance Coalition

Statement on Biodiversity and Nature

Bank policy
2024-10-16 00:00:00 | CIMB Group

NZBA 2024 Progress Report

Other document
2024-10-01 00:00:00 | NZBA

Sustainable Finance Framework

[Includes High sustainability risk sector position statements p. 26]
Bank policy
2024-07-31 00:00:00 | CIMB Group

Annual integrated report 2023

Annual report
2024-06-11 00:00:00 | CIMB Group

Coal Havens

The banks and loopholes keeping coal finance alive in Asia
BankTrack publication
2024-01-23 00:00:00 | BankTrack

CSR report 2022

Annual report
2023-07-04 00:00:00 | CIMB Group

Annual report 2022

Annual report
2023-06-05 00:00:00 | CIMB Group

Annual report 2021

Annual report
2022-07-12 00:00:00 | CIMB Group

Keep forests standing 2022

Evaluating the brands and banks driving deforestation and human rights abuses
NGO document
2022-06-14 00:00:00 | Rainforest Action Network

CSR report 2021

Annual report
2022-06-14 00:00:00 | CIMB Group

Banking Asia's Future

How to Align with National Climate Plans
Other document
2022-03-31 00:00:00 | Aviva: Asia Research and Engagement

Governance and risk (includes sustainability policy, sustainability risk management framework, human rights policy)

Date listed represents date as accessed on website
Bank policy
2021-11-15 00:00:00 | CIMB Group

Coal financing policy

(page 13 of this document)
Bank policy
2021-09-22 00:00:00 | CIMB Group

Asian Banks Continue to Finance the Palm Oil Refining Sector as Leakage Declines

NGO document
2021-06-28 00:00:00 | Chain Reaction Research

Forests & Finance 2021 Briefing - Is Your Money Destroying Rainforests or Violating Rights?

NGO document
2021-06-23 00:00:00 | Forests and Finance

Keep Forests Standing

Evaluating the Brands and Banks Driving Deforestation and Human Rights Abuses
NGO document
2021-04-28 00:00:00 | Rainforest Action Network

Annual report 2020

Annual report
2021-03-17 00:00:00 | CIMB

CSR report 2020

Annual report
2021-03-17 00:00:00 | CIMB

Collective Commitment to Climate Action - Year One in Review

Other document
2020-12-08 00:00:00 | UNEP FI Principles for Responsible Banking

Letter to banks and investors on Indofood labor exploitation

NGO document
2020-11-19 00:00:00 | Rainforest Action Network

A Call to Action on the Principles for Responsible Banking: End Climate-Destructive Financing Now

Joint civil society statement
BankTrack publication
2020-10-20 00:00:00 | BankTrack, Rainforest Action Network, and others

Civil Society Statement on the new Principles for Responsible Banking

BankTrack publication
2019-09-22 00:00:00 | BankTrack and others

Collective Commitment to Climate Action

Other document
2019-09-19 00:00:00 | UNEP FI Principles for Responsible Banking

Letter from CIMB to BankTrack on PRB implementation

Correspondence
2019-09-11 00:00:00 | CIMB

Bank Policy Matrix

NGO document
2018-12-10 00:00:00 | Forests & Finance Coalition

Modern slavery statement 2017

Other bank document
2017-10-31 00:00:00 | CIMB

Japanese and Malaysian banks and investors continue to pump billions of dollars into forest-risk companies, without adequate environmental and social safeguards

NGO document
2017-06-13 00:00:00 | RAN, TuK Indonesia & Profundo

Sime Darby urged to resolve long-standing land rights conflict before stock exchange listing of its plantation division

NGO document
2017-01-31 00:00:00 | RAN, TuK & Profundo

Protecting the Leuser Ecosystem

A Shared Responsibility
NGO document
2016-11-07 00:00:00 | Rainforest Action Network

Code of Conduct

Other bank document
2016-05-18 00:00:00 | CIMB Group

Sustainability Report 2014

Annual report
2015-04-13 00:00:00 | CIMB

Annual Report 2014

Annual report
2015-04-13 00:00:00 | CIMB Group

Annual Report 2013

Annual report
2015-04-13 00:00:00 | CIMB

Sustainability Report 2013

Annual report
2015-04-13 00:00:00 | CIMB
Accountability
Grievances

CIMB Group operates a Grievance Redressal channel which can be accessed here.

This page evaluates CIMB Group's responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations. It is not intended to be exhaustive, but covers selected impacts raised by BankTrack and other civil society partners since 2016. For the full scoring methodology, see here. For more information about BankTrack's evaluation of bank responses to human rights impacts, see the 2021 report "Actions speak louder: assessing bank responses to human rights violations".

Impacts reviewed
Responded?
Total score
Response
Action
Monitoring

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Banks and Climate

Banks and Climate

Partner organisation Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in their Coal Policy Tool (CPT) and the Oil and Gas Policy Tracker (OGPT). BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of CIMB Group’s fossil fuel policy below.

Assessment of CIMB Group's coal policy in the Coal Policy Tool
Banks and Human Rights

Banks and Human Rights

BankTrack assessed CIMB in its 2022 Human Rights Benchmark Asia, where it achieved 2.5 points out of 14 and was ranked as a 'laggard'. More information is detailed in the "Accountability" section of this profile.

The BankTrack Human Rights Benchmark

Human Rights Benchmark Asia 2022

BankLast update
Country
Score
Ranking
Details
CIMB Group
MYS
2.5
Laggard 2.5
Explanation
Laggard
Follower
Front runner
Leader
0 - 3 points
3.5 - 6 points
6.5 - 9 points
9.5 - 14 points
For more details see this page.
Banks and Nature

Banks and Nature

CIMB Group’s policies for forest-risk sectors (beef, soy, palm oil, pulp and paper, rubber and timber) have been assessed by the Forests & Finance coalition, achieving an overall score of 4.6 out of 10 and ranking it as a front runner. CIMB Group achieved a score of 2 out of 10 specifically for its policies related to the beef sector and 4.7 out of 10 for its policies related to the palm oil sector. Between 2016 and 2022, CIMB Group provided USD 5,033 million in credit to companies operating in these forest-risk sectors. For more information, see the links below.

Forests & Finance

Banks and beef

Banks and palm oil

Forest & Finance Policy Assessment 2022: Overall scores

BankLast update
Country
Score
Ranking
Details
CIMB
2022-09-21
MYS
4.6
Front runner 4.6
Explanation

A bank can obtain a total of 10 points for the quality of its policies. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:

Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.

Forest & Finance Policy Assessment 2022: Beef

BankLast update
Country
Score
Ranking
Details
CIMB
2022-09-21
MYS
2
Follower 2
Explanation

A bank can obtain a total of 10 points for the quality of its beef policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:

Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.

Forest & Finance Policy Assessment 2022: Palm Oil

BankLast update
Country
Score
Ranking
Details
CIMB
2022-09-21
MYS
4.7
Front runner 4.7
Explanation

A bank can obtain a total of 10 points for the quality of its palm oil policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:

Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.