CIMB Group Holdings, Malaysia's second-largest bank, is actively pursuing merger and acquisition opportunities in Indonesia despite a sharp slump in investor confidence this year [1, 2]. Indonesia’s rupiah has depreciated more than 8% in 2026, making it Asia’s worst-performing currency, while the country’s main stock index has fallen 35%, posing a challenging environment for investors [1, 2].

CIMB CEO Novan Amirudin said on June 9 that “for investors who see long-term potential in Indonesia, certainly it is a good time to come in,” reaffirming the bank’s full commitment to the Indonesian market [1, 2]. CIMB is targeting assets that complement its existing business there, especially in wealth management and other specialised areas not yet covered by the bank [1, 2].

Earlier negotiations for HSBC’s retail and wealth assets in Indonesia saw CIMB shortlisted, but Singapore’s OCBC ultimately outbid CIMB to advance to deal finalisation talks [1, 2]. Meanwhile, Maybank also emphasised the potential of Indonesia, with its President and Group CEO Khairussaleh Ramli noting the bank expects Indonesia to be a significant profit contributor over the medium to long term, though challenges remain. Currently, Indonesia accounts for about 5% of Maybank’s profit [1, 2]. Ramli stressed, "It can still serve our customers there, but, you know, understanding the challenges that are being faced" [1].

In a separate development, on June 10 CIMB Bank signed a letter of intent with China CITIC Bank Corporation Limited to strengthen financial links between China and ASEAN, focusing on Malaysia and Indonesia [3]. The partnership aims to facilitate trade, investment, cross-border financing, and enhance RMB and foreign currency payment services between the two regions [3].

Chu Kok Wei, CIMB Group Wholesale Banking CEO, said the alliance will deepen connectivity into China’s financial ecosystem, making CIMB the preferred partner for clients seeking to access the Chinese market and navigate cross-border complexities [3]. The two banks will collaborate on cross-border treasury and cash management, client referrals, advisory services for market expansion, and syndicated loans [3].

The partnership represents a concrete step to expand CIMB’s regional footprint amid challenging market conditions. CIMB’s ongoing efforts to pursue acquisitions and deepen strategic ties highlight its commitment to growth in Indonesia and China-ASEAN financial integration.