House of the Year, Malaysia: CIMB

CIMB overcomes macroeconomic headwinds to scoop award

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The past 12 months have seen the ringgit depreciate by nearly 19%, from 3.2 to 3.8 to the dollar – the rate at which it was pegged in 1998 following the Asian financial crisis. The equity market has also taken a battering, with the FTSE Bursa Malaysia Kuala Lumpur Composite Index falling nearly 10% over the same period of time.

CIMB Group had its own corporate challenges, arising from its failed merger with RHB and Malaysian Building Society, as well as its withdrawal from the Australian market.

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