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.

Siahaan is a career banker and is currently the chief country officer of Citi Indonesia.

In his 20 years with Citi, in Indonesia and New York, Siahaan has held roles in institutional recovery management, country risk management and corporate and investment banking where he served multiple customer segments including financial institutions, multinationals and local corporates.

Tigor Siahaan moves office

Siahaan was the Indonesia Country Head for Institutional Clients Group responsible for Citi’s wholesale businesses including treasury, transaction services, as well as corporate & investment banking from February 2008 to May 2011 after which he assumed his final post as chief country officer for Citi Indonesia.

CIMB is in the midst of a revamp as the bank as its focus switches from loan growth to cutting costs. CIMB said it is looking to reduce its Asia-Pacific investment banking and equities operating costs by 30% this year.CIMB also said that Effendy Shahul Hamid has been appointed CEO, group asset management and investments and Kwan Keen Yew has been appointed group chief compliance officer.

"These announcements are key as we execute our T18 plans and continue to build our ASEAN business,” said Zafrul Tengku Abdul Aziz, group chief executive, CIMB Group. 

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