KUALA LUMPUR, 9 September 2025 — CIMB Group Holdings Bhd has announced the immediate resignation of Victor Lee Meng Teck, who served as CEO of both Growth Markets and CIMB Singapore. The veteran banker, credited with spearheading CIMB Singapore’s strategic turnaround, will now enter gardening leave ahead of pursuits outside the group.
In the interim, Group CEO Novan Amirudin will assume leadership of Growth Markets, while Andrew Boey, CFO of CIMB Singapore, has been appointed officer-in-charge to oversee day-to-day operations in the city-state. CIMB confirmed its succession plan is already activated, with permanent substitutes to be announced later.
Novan paid tribute to Victor’s legacy:
“Victor has been instrumental in transforming and institutionalising CIMB Singapore for continued sustainable success, driven by CIMB Group’s EPICC culture.”
He added that the group’s leadership bench is well-prepared to carry forward the Forward30 plan.
Victor originally joined CIMB in early 2019 as CEO of Group Commercial & Transaction Banking and took over CIMB Singapore in 2020. During his tenure, he was widely credited with redefining CIMB’s Singapore operations through structural and cultural reform—anchored by his over 25 years of regional banking leadership, spanning institutions like UOB, SCB, Citibank, and Fullerton Financial Holdings.C
Why It’s Key for ASEAN Banking and Investors
CIMB’s seamless transition exemplifies strong succession protocol in a region where banking leaders often serve as policy influencers and strategic growth catalysts. With the group’s growth markets—including Singapore, Cambodia, and beyond—central to its Forward30 expansion roadmap, maintaining continuity remains vital for confidence among ASEAN investors and clients.
