CIMB Niaga appoints new commissioner, director

BANK - Publicly listed lender CIMB Niaga announced changes to its board of commissioners and board of directors at a shareholders meeting in Jakarta on Thursday.

Zafrul Tengku Abdul Aziz was appointed a commissioner following the resignation of Ahmad Zulqarnain Onn.

Zafrul is CEO of CIMB Group Holdings Berhad, in Malaysia, CIMB Niaga’s parent company.

Meanwhile, Rahardja Alimhamzah was appointed bank director.

CIMB Niaga president director Tigor M. Siahaan said the new structure of the bank would strengthen the bank’s capabilities to achieve its targets.

“We will be able to strengthen cooperation between commissioners and directors so that we can improve our performance in the coming days,” said Tigor after the meeting.

CIMB Niaga stakeholders also agreed that the bank’s share buyback plan would be held within 12 months after Thursday’s meeting, instead of within 18 months as decided in a meeting on April 25.

The bank will buy back 2 percent of its public shares worth Rp 503 billion (US$37.67 million), with a maximum cost of Rp 500 billion, Tigor added.

“The shares will be redistributed to our employees as part of our Employee Share Grant program and management and employee stock option plan,” he said.