To achieve meaningful results, introspection is just as essential as a forward-thinking mindset, says Victor Lee, CEO of CIMB’s Growth Markets and Singapore
In a year marked by global headwinds, CIMB Group has started with much assuredness and clarity. The Group’s 2024 results, released in February, were impressive: a net profit of RM7.73 billion, up 10.7 per cent from the previous year, and return on average equity (ROE) of 11.2 per cent. Closer to home, CIMB Singapore reported a record ROE of 19.9 per cent for the country in 2024.
For Victor Lee, CEO of CIMB’s Growth Markets and Singapore, the numbers are further proof that strategic recalibration, not blind pursuit, is what delivers enduring success. Lee reminds us that the results emerged after several challenging years, no thanks to the COVID-19 pandemic, which demanded that the company reassess its business strategies with a combination of patience and acumen.
“I use these Malay words to explain this. First, we have to tahan (endure). Then, we have to semula (restart), and then, we cepat jalan (move at speed),” he says. “When everything is coming at you, don’t panic. Wait things out and keep your costs low. Then re-engineer by looking at what works and what does not work. And when the time is right, move forward quickly.”
The encouraging results and momentum now fuel the bank’s next chapter. Called Forward 30 (F30), it is a groupwide strategy that succeeds the Forward23+ framework. If the previous era was about resilience in crisis, then F30 is about operational excellence in complex times. The F30 initiative seeks to drive growth while sharpening returns, digitising end-to-end processes, and doubling down on profitable verticals.
One such move was CIMB’s decision to embrace digitalisation to mitigate rising operational costs, especially in Singapore. Another is the consolidation of its business lines. In the wealth management space, for instance, the bank has trained its focus on bancassurance, where a bank partners an insurance company to offer insurance products to the bank’s customers. Lee says that CIMB Singapore is a leading player in bancassurance among the foreign banks in Singapore thanks to its open architecture, which allows the bank to work with multiple insurers.
“We work with seven insurers. So essentially, we want to offer tailored and relevant insurance solutions that best meet our customers’ needs,” he says.
Half The Story
But numbers tell only half the story. CIMB Singapore’s success is also built on a company culture that values its people and purpose. “We cannot be in an ivory tower,” says Lee, who is known for walking the ground and spending time in the trenches with his teams. “Leading from the front isn’t just a philosophy, it’s how we build trust.”
CIMB Singapore’s office, revamped in 2022, was designed with this in mind. The open-plan layout and communal spaces are deliberately designed to foster cohesion and collaboration. “Our values—EPICC—stand for Enabling Talent, Passion, Integrity and Accountability, Collaboration, Customer Centricity. I’m especially passionate about the last two,” says Lee.
This people-first philosophy has also borne fruit internally. In 2020, CIMB Singapore was in the bottom quartile of the Group’s employee engagement surveys. By 2023, it had made a remarkable turnaround, emerging as the most improved country and reaching the top quartile.
“It’s no secret that Singaporeans have high standards,” he laughs. “But we’ve come a long way—and that’s a testament to our culture.”
Lee’s personal story echoes the values he instils across the organisation. Born into a working-class family and raised by a mother who at one time was the sole breadwinner, his childhood was marked by financial hardship and frequent moves. “We often rented different houses,” he reflects. “I think my background taught me resilience and humility.”
Lee joined the banking industry in 1994 and, suffice to say, he has also sought to live by these values throughout his career. In fact, he believes that it is even more important to demonstrate them now that he is in a top leadership role.
“I am a CEO today, but there will come a time when I’m not. At the end of the day, we are all just human beings who desire to live with purpose,” he says.
