CIMB Indonesia

CIMB hires Citi’s Indonesia head Siahaan

The Malaysian bank has named Tigor Siahaan president director of its Indonesian unit CIMB Niaga, hiring him away from Citigroup.

CIMB said on Thursday it has named Tigor Siahaan president director of its Indonesian unit CIMB Niaga.

Upon obtaining all approvals, he will succeed Arwin Rasyid who is retiring.

CIMB Niaga reported that its 2014 net profit fell 45% to IDR3.2 trillion $250 million, due mainly to higher provisioning for loans to coal and coal-related sectors.

Deteriorating asset quality in its Indonesian loan book contributed to CIMB’s sharp share price fall last year, which in turn made its all-share merger with RHB and MBSB untenable. CIMB is trading at a depressed 2015 forecast price-to-book value of just 1.2 times....

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