Programme offers 50 percent interest/profit rebate for SME financing

KUALA LUMPUR, Feb 8 (Bernama) -- CIMB Bank Berhad and CIMB Islamic Bank Berhad (collectively “CIMB” or “the Group”) have formally launched a collaboration with the Northern Corridor Implementation Authority (“NCIA”) where interest/profit rebates are provided to support the revitalisation of SMEs during the ongoing pandemic. At a ceremony that took place on 7 February in Kedah Rubber City, Padang Terap, Kedah, Dato’ Abdul Rahman Ahmad, Group Chief Executive Officer, CIMB Group and Datuk Seri Jebasingam Issace John, Chief Executive, NCIA exchanged MoA documents, formalising the collaboration.

Witnessing the exchange of documents was Prime Minister Dato’ Sri Ismail Sabri bin Yaakob. Other ministers and senior officials in attendance included YB Dato’ Sri Mustapa bin Mohamed, Minister in the Prime Minister’s Department (Economy); YB Dato' Seri Mahdzir bin Khalid, Rural Development Minister; YAB Dato’ Seri Azlan bin Man, Perlis Menteri Besar and YAB Dato’ Seri Saarani Mohamad, Perak Menteri Besar.

Under the NCIA – CIMB Entrepreneur Scheme (NCES), eligible SMEs will be entitled to a rebate of 50 percent on the total interest/profit for their application to the CIMB SME Quick Biz Financing programme. This initiative will support NCIA’s target of supporting at least 1,000 SMEs and MicroSMEs in the remaing period of the 12th Malaysia Plan, i.e. 2022-2025. For further information on the NCES programme, SMEs may get in touch with their CIMB Relationship Manager or visit any CIMB Bank/CIMB Islamic Bank branch.

Dato’ Abdul Rahman said, “Over the past two years, the pandemic has had an immense impact on our communities and affected the livelihoods of many. As we look to the future and continue our path to recovery, CIMB continues to support efforts to revitalise our economy. This collaboration with NCIA is among the many initiatives we have in place to accelerate the recovery, growth and development of SMEs, and these efforts underscore our Forward 23+ ambition to be a ‘Purpose Driven Organisation’.” 

CIMB’s support for the SME sector also includes ongoing mentoring and future proofing programmes such as CIMB MicroBizReady, equipping B40 businesses with tools to thrive not only in the current COVID-19 environment, but also in the longer term. 

The NCIA is the statutory body responsible for boosting the economic growth of the NCER (Northern Corridor Economic Region) covering the four northern states of Peninsular Malaysia which includes Perlis, Kedah, Penang and Perak. As part of their efforts to assist and revitalise SMEs during the pandemic, the NCIA has extended their rebate initiative to new financial institutions, with CIMB being a newly on-boarded bank.  

Press release Photo : 
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Caption: Exchanging the MoA for the NCIA – CIMB Entrepreneur Scheme (NCES) were YBhg Datuk Seri Jebasingam Issace John, Chief Executive, NCIA; (far left) and YBhg Dato’ Abdul Rahman Ahmad (third left) witnessed by YAB Dato’ Sri Ismail Sabri bin Yaakob, Prime Minister Of Malaysia. Also present were YB Dato’ Sri Mustapa bin Mohamed, Minister in the Prime Minister’s Department (Economy) (second right) and YB Dato' Seri Mahdzir bin Khalid, Rural Development Minister.

About CIMB
CIMB is one of ASEAN’s leading banking groups and Malaysia’s second largest financial services provider, by assets. Listed on Bursa Malaysia via CIMB Group Holdings Berhad, it had a market capitalisation of approximately RM47.9 billion as at 30 September 2021. It offers consumer banking, commercial banking, wholesale banking, transaction banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in all 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar, Laos and Philippines). Beyond ASEAN, the Group has market presence in China, Hong Kong, India, South Korea, the US and UK.

CIMB has one of the most extensive retail branch networks in ASEAN with 629 branches and around 33,000 employees as at 30 September 2021. CIMB’s investment banking arm is one of the largest Asia Pacificbased investment banks, which together with its award-winning treasury & markets and corporate banking units comprise the Group’s leading wholesale banking franchise. CIMB is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.8% shareholder of CIMB Thai in Thailand.

Source: CIMB Group

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Hishamuddin Omar / George Wong
Group Corporate Communications
CIMB Group Holdings Berhad
Email: hishamuddin.omar@cimb.com / george.wong@cimb.com

--BERNAMA