CIMB S'pore CEO's exit puts focus on key profit hub

Mr Victor Lee has resigned from his roles as chief executive officer of CIMB Singapore and chief executive of growth markets, parent company CIMB Group announced on Sept 9.

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His departure comes at a time when Singapore has emerged as one of the bank's most important profit engines, despite operating with just a single branch.

Mr Lee is leaving to pursue other opportunities and has been placed on gardening leave with immediate effect, the Malaysian bank said in a statement.

Malaysia's second-largest lender, with total assets of RM770 billion (S$234 billion), described the move as part of a "leadership transition".

Mr Lee's dual responsibilities have been split between two senior executives.

Mr Andrew Boey, CIMB Singapore's chief finance officer, will serve as the officer-in-charge of the Singapore branch, handling day-to-day leadership.

Meanwhile, CIMB Group CEO Novan Amirudin will oversee the growth markets division as its acting CEO.