CIMB to disburse RM12 bil loans to B40 sector over 2 years

KUALA LUMPUR: CIMB Bank Bhd (CIMB Bank) and CIMB Islamic Bank Bhd (CIMB Islamic) aim to disburse at least RM12 billion to the bottom 40 income-earners group (B40) as home, auto, Amanah Saham Bumiputera (ASB) and personal financing for the period 2019-2020.

Group CEO Tengku Zafrul Aziz said in line with its next mid-term growth plan, Forward23, CIMB has sharpened its focus on financial inclusivity to fulfil the group’s vision of advancing customers and society.

“A nation’s prosperity is only meaningful when every single one of its people is enabled to prosper.

“Being particularly mindful of the B40 segment, CIMB has taken extra steps to ensure that our lending policies are financially inclusive.

“We will continue to find ways to assist the B40 segment, whether through our business operations, or corporate responsibility initiatives,” he said in a statement today.

The B40 segment has made up a significant percentage of CIMB Bank and CIMB Islamic’s retail customers since 2016.

A prime example of CIMB Bank and CIMB Islamic’s commitment to assist the B40 segment is through their lowest-in-market financing rate of 2.9% per annum to buy homes.

Under Bank Negara Malaysia’s Fund for Affordable Homes, a RM1 billion allocation will help B40 members purchase their first residential property.