KUALA LUMPUR (Jan 22): CIMB Group Holdings Bhd has appointed Paul Wong Chee Kin as president and CEO of CIMB Thai effective Feb 1, 2021, succeeding acting president and CEO Sutee Losoponkul after the departure of the previous CEO, Adisorn Sermchaiwong.
In a statement, the group said Losoponkul will remain with CIMB Thai and assume the role of advisor to the president and CEO, until Dec 31, 2021.
Wong is currently CIMB’s group chief operations officer, overseeing activities across functions in payments, digitalisation, strategy, customer delivery and process improvements.
He started his career with CIMB Group in 2007 as senior vice president and head of sales management for consumer sales and distribution at CIMB Bank, and has been assigned to various positions within the group, including stints in Philippines and Singapore.
Paul Wong Chee Kin has been appointed as president & CEO of CIMB Thai, effective Feb 1.
KUALA LUMPUR: Paul Wong Chee Kin has been appointed as president & CEO of CIMB Thai, effective Feb 1, CIMB Group said on Friday.
He succeeds Sutee Losoponkul, who was acting president & CEO since September 2020 following the departure of the previous CEO, Adisorn Sermchaiwong.
Sutee will remain with CIMB Thai and assume the role as adviser to the president & CEO up to Dec 31,2021.
CIMB Group said these appointments have received approval from the Bank of Thailand.
Wong is currently CIMB’s group chief operations officer, overseeing activities across functions in the areas of payments and digitalisation as well as strategy, customer delivery and process improvements.
’s subsidiary CIMB Thai Bank PCL posted lower net profit of 1,290.6 million baht (RM174.23mil) in the financial year ended Dec 31,2020 (FY20) due to higher provisions.
The bank reported on Thursday net profit declined by 727.2 million baht or 36% year-on-year (YoY). This was due to a 60% YoY increase in provisions due to economic uncertainty and potential credit migration from customers affected by the Covid-19 pandemic.
Acting president and CEO of CIMB Thai Bank, Sutee Losoponkul said FY20 consolidated operating income rose by 1.1% year-on-year (YoY) to 14,927.1 million baht from 2019 mainly contributed by a 153.6% growth in other income.
Net interest income fell by 5.6% and net fee and service income declined by 39.9%.
Operating income rose YoY by THB 167.6 million to THB 14,927.1 million.
Pre-Provision Operating Profit increased 12.0% YoY to THB 6,027.8 million.
Net profit decreased by THB 727.2 million to THB 1,290.6 million, attributed to the increase in provisions.
Provisions elevated due to economic uncertainty and potential credit migration from customers affected by the COVID-19 pandemic.
2020 Financial Results
commented on the unaudited consolidated financial results for the year ended 31 December 2020.
Financial statements for the year ended 31 December 2019 are shown for comparison. The Group has applied a full retrospective approach for changing interest recognition to effective interest rate in accordance with the financial reporting standards no. 9.
For the year ended 31 December 2020, CIMB Thai Group s consolidated operating income rose by THB 167.6 million or 1.1% year-on-year ( YoY ) to THB 14,927.1 million from 2019 mainly contributed by a 153.6% growth in other income. Net