ANNUAL REPORT 2022

Full Annual Report
2022 Financial Statements
MSME Success Stories
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KEY HIGHLIGHTS

Share Capital
RM1.8
billion
Total Income
RM406.5
million
Revenue
RM214.5
million
Net Profit
RM60.1
million
Total Assets
RM5.0
billion
Liabilities
RM747.3
million
Equity
RM4.2
billion
Return on Equity*
1.2%
 
Guarantee Reserve Ratio*
1.7
times
Cost-to-Income Ratio*
41.1%
 
* The ratios are calculated by excluding one-off recovery for KMCOB Capital Berhad post disposal of Danajamin and/or Special Purpose Reserve.
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CHAIRMAN’S MESSAGE
Dear Shareholders,
It was a challenging year for Credit Guarantee Corporation Malaysia Berhad (CGC) in 2022, as Malaysia moved into the endemic phase of the Covid-19 pandemic. Despite the anticipated recovery phase, the global economic climate remained highly unpredictable, and continues to affect economies across the world.
Dato’ Mohammed Hussein
Chairman
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IN CONVERSATION WITH PRESIDENT & CHIEF EXECUTIVE OFFICER
Dear Shareholders,
The year 2022 was a special one for CGC as we celebrated our 50th Anniversary, half a century of consistently striving to fulfil our mandate to serve the unserved and underserved MSMEs.
Datuk Mohd Zamree Mohd Ishak
President & Chief Executive Officer
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BUSINESS MODEL

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CGC Sustainability Framework

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5-YEAR FINANCIAL SUMMARY & HIGHLIGHTS

    • Total Income
      (RM million)
      2022
      406.5
      2021
      432.3
      2020
      451.3
      2019
      485.8
      2018
      465.9
    • Profit Before Taxation
      (RM million)
      2022
      60.1
      2021
      140.7
      2020
      108.0
      2019
      214.4
      2018
      204.9
    • Net Profit for the Financial Year
      (RM million)
      2022
      60.1
      2021
      140.7
      2020
      108.5
      2019
      215.3
      2018
      262.5
    • Profit Attributable to Shareholders
      (RM million)
      2022
      60.1
      2021
      140.7
      2020
      108.5
      2019
      215.5
      2018
      263.1
    • Shareholders’ Equity
      (RM billion)
      2022
      4.2
      2021
      4.2
      2020
      4.1
      2019
      4.0
      2018
      3.7
    • Total Equity
      (RM billion)
      2022
      4.2
      2021
      4.2
      2020
      4.1
      2019
      4.0
      2018
      3.7
    • Total Assets
      (RM billion)
      2022
      5.0
      2021
      5.2
      2020
      5.6
      2019
      5.3
      2018
      5.0
      • Total Income
        (RM million)
        2022
        406.5
        2021
        833.5
        2020
        455.1
        2019
        494.8
        2018
        471.6
      • Profit Before Taxation
        (RM million)
        2022
        58.6
        2021
        542.3
        2020
        110.8
        2019
        223.4
        2018
        210.6
      • Net Profit for the Financial Year
        (RM million)
        2022
        58.6
        2021
        542.3
        2020
        110.8
        2019
        223.4
        2018
        210.6
      • Profit Attributable to Shareholders
        (RM million)
        2022
        58.6
        2021
        542.3
        2020
        110.8
        2019
        223.4
        2018
        210.6
      • Total Equity
        (RM billion)
        2022
        4.2
        2021
        4.2
        2020
        3.7
        2019
        3.6
        2018
        3.3
      • Total Assets
        (RM billion)
        2022
        5.0
        2021
        5.2
        2020
        5.2
        2019
        4.9
        2018
        4.6
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      • DATO’ MOHAMMED HUSSEIN
        FCB
        Independent Non-Executive Director (Chairman)

        DATO’ MOHAMMED HUSSEIN

        FCB
        Independent Non-Executive Director (Chairman)
        Age
        73
        Male
        meeting attendance
        Date Appointed to the Board
        1 May 2020
        Tenure of Directorship
        3 years 2 months
        (as at 50th AGM – 20 June 2023)
        Membership of Board Committee(s)
        • Chairman of Board Nomination and Remuneration Committee (BNRC)
        Qualification(s)
        • Fellow Chartered Banker of the Chartered Banker Institute and Asian Institute of Chartered Bankers
        • Advanced Management Programme (AMP 163) – Harvard Business School – Boston, USA
        • Bachelor of Commerce (Accounting) – University of Newcastle, Australia
        During his 31-year tenure with Malayan Banking Berhad (Maybank) Group, Dato’ Mohammed Hussein held various senior management positions including Head of Corporate Banking, Head of Commercial Banking, Head of Malaysian Operations, Managing Director of Aseambankers Malaysia Berhad (now known as Maybank Investment Bank Berhad) and Executive Director (Business Group). He retired from Maybank Group on 30 January 2008 as Deputy President/Executive Director/Chief Financial Officer. He was then appointed as the Advisor of Maybank from April 2008 To September 2008.
        Dato’ Mohammed Hussein is currently the Independent Non-Executive Chairman of Hap Seng Plantations Holdings Berhad and Syarikat Takaful Malaysia Keluarga Berhad. In addition, he is also the President Commissioner of PT Syarikat Takaful Indonesia and Chairman of Corporate Debt Restructuring Committee (CDRC), sponsored by Bank Negara Malaysia (BNM) to facilitate the resolution and restructuring of major corporate debts.
        He was previously the Chairman of Gamuda Berhad from 2013 to 2022, Danajamin Nasional Berhad from 2013 to 2018 and Quill Capita Management Sdn Bhd from 2008 to 2015. He had also served as a Director on the Board of Bank of America Malaysia Berhad, Tasek Corporation Berhad, CapitaLand Malls Malaysia Berhad, Hap Seng Consolidated Berhad, PNB Commercial Sdn Bhd and B2B Finpal Sdn Bhd.
        Declaration:
        • Dato’ Mohammed Hussein does not have any conflict of interest or any family relationship with any Director and/or major shareholder of CGC.
        • Dato’ Mohammed Hussein has not been charged and/or convicted for any offence.
        NEXT
        DATO’ HAJI SYED MOHEEB
        SYED KAMARULZAMAN
        FCII, FCIIFP, Senior Associate CIP
        Independent Non-Executive Director

        DATO’ HAJI SYED MOHEEB
        SYED KAMARULZAMAN

        FCII, FCIIFP, Senior Associate CIP
        Independent Non-Executive Director
        Age
        70
        Male
        meeting attendance
        Date Appointed to the Board
        15 January 2014
        RETIRED
        14 January 2023
        Membership of Board Committee(s)
        • Member of Board Risk Management Committee (BRMC)
        • Member of Board Investment Committee (BIC)
        • Member of Board Digital Committee (BDC) (Disbanded on 31 January 2023)
        Qualification(s)
        • Senior Associate CIP of the Australian New Zealand Institute of Insurance and Finance
        • Fellow of the Malaysian Insurance Institute
        • Fellow of the Chartered Institute of Islamic Finance
        Dato’ Haji Syed Moheeb’s experience in the conventional insurance, reinsurance and takaful industry spans 44 years. During this time, he helmed several local and multinational direct insurance, reinsurance and takaful companies.
        Dato’ Haji Syed Moheeb currently sits on the Board of Standard Chartered Saadiq Berhad (SCSB). He is also the Chairman of the Board Nomination & Remuneration Committee, Chairman of the Board Risk Management Committee and member of the Board Audit Committee in SCSB. He is the past Chairman of the Malaysian Takaful Association and a Management Committee member of the General Insurance Association of Malaysia. He was also the Chief Executive Officer (CEO) of Malaysian Insurance Institute (MII), ASEAN Insurance Training & Research Institute, Takaful Ikhlas Bhd., Gerling Global Reinsurance Malaysia Bhd., and South East Asia Insurance Bhd.
        Having been on the CGC Board since 15 January 2014, Dato’ Haji Syed Moheeb retired on 14 January 2023 after completion of his nine (9) years’ service tenure as Director in CGC.
        Declaration:
        • Dato’ Haji Syed Moheeb does not have any conflict of interest or any family relationship with any Director and/or major shareholder of CGC.
        • Dato’ Haji Syed Moheeb has not been charged and/or convicted for any offence.
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        TEOH KOK LIN
        CFA
        Independent Non-Executive Director

        TEOH KOK LIN

        CFA
        Independent Non-Executive Director
        Age
        60
        Male
        meeting attendance
        Date Appointed to the Board
        27 June 2014
        TENURE OF DIRECTORSHIP
        9 years
        (as at 50th AGM – 20 June 2023)
        Membership of Board Committee(s)
        • Chairman of Board Investment Committee (BIC)
        Qualification(s)
        • Chartered Financial Analyst
        • First Class Honours Double Degree in Electrical Engineering and Commerce (Finance) – University of Windsor, Canada
        • Master of Science in Industrial Administration – Purdue University, USA
        Teoh Kok Lin is the founder and Chief Investment Officer of Singular Asset Management Sdn Bhd, a fund management company established in 2002, licensed by the Securities Commission of Malaysia. He is also the founder and Chief Investment Officer of Singular Asset Management (Singapore) Ltd, a registered fund manager with Monetary Authority of Singapore (MAS). He was appointed as Vice Chairperson of the Malaysian Association of Asset Managers (MAAM) in 2022.
        Teoh Kok Lin is a former president of the Chartered Financial Analysts (CFA) Society Malaysia with over 36 years in Banking, Credit and Investment with financial institutions such as Citicorp Citibank Malaysia, Barings Malaysia, HSBC Research Malaysia, UOB Kay Hian Singapore and Singular Asset Management. He constantly travels across ASEAN and North Asia for research and company visits while managing funds for institutions and high net-worth clients.
        Teoh Kok Lin sits on the Board of Credit Bureau Malaysia Sdn Bhd (CBM), an associate company of CGC. He also serves as an Independent Non-Executive Director of Institute of Capital Market Research Malaysia (ICMR), an affiliate of Securities Commission. He is currently a General Council Member of the National Chamber of Commerce and Industry of Malaysia (NCCIM). Teoh Kok Lin is the Chairman of the Environmental, Social and Governance (ESG) Committee and Advisor of the Digital Economy Committee of Associated Chinese Chamber of Commerce and Industry of Malaysia (ACCCIM).
        Declaration:
        • Teoh Kok Lin does not have any conflict of interest or any family relationship with any Director and/or major shareholder of CGC.
        • Teoh Kok Lin has not been charged and/or convicted for any offence.
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        SURESH MENON
        Independent Non-Executive Director

        SURESH MENON

        Independent Non-Executive Director
        Age
        66
        Male
        meeting attendance
        Date Appointed to the Board
        17 July 2014
        TENURE OF DIRECTORSHIP
        8 years 11 months
        (as at 50th AGM – 20 June 2023)
        Membership of Board Committee(s)
        • Member of Board Investment Committee (BIC)
        Qualification(s)
        • Master of Business Management – Asian Institute of Management, Philippines
        • Bachelor of Technology, majoring in Chemical Engineering – University of Madras, India
        Suresh Menon has over 40 years of experience, mainly in international financial and debt markets, with his expertise extending to credit analysis and best practices in corporate governance. Since 2010, he has been an Independent Capital Market Consultant where he provides consultancy and training to financial agencies, the World Bank and regulatory authorities in several countries. He was also involved in development projects with international bodies, namely Asian Development Bank (ADB) and APEC Business Advisory Council.
        Suresh Menon played a crucial role in setting up RAM Holdings Berhad (formerly known as Rating Agency Malaysia Berhad) and facilitated numerous services to ensure RAM reached its pinnacle. After 18 years, he retired from RAM as an Executive Director in 2010. He was also a member of RAM’s Rating Committee.
        Suresh Menon was the former Chairman of Credit Bureau Malaysia Sdn Bhd, an associate company of CGC. He was also the Non-Independent Non-Executive Director of Danajamin Nasional Berhad, Chairman of the Association of Credit Rating Agencies in Asia (ACRAA) Training Committee and a member of the Main Committee of the Malaysian Corporate Governance Index 2009, 2010 and 2011 for the Minority Shareholder Watchdog Group (MSWG).
        Declaration:
        • Suresh Menon does not have any conflict of interest or any family relationship with any Director and/or major shareholder of CGC.
        • Suresh Menon has not been charged and/or convicted for any offence.
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        DATO’ ONG ENG BIN
        Independent Non-Executive Director

        DATO’ ONG ENG BIN

        Independent Non-Executive Director
        Age
        60
        Male
        meeting attendance
        Date Appointed to the Board
        14 October 2014
        TENURE OF DIRECTORSHIP
        8 years 8 months
        (as at 50th AGM – 20 June 2023)
        Membership of Board Committee(s)
        • Member of Board Audit Committee (BAC)
        • Member of Board Nomination and Remuneration Committee (BNRC)
        Qualification(s)
        • Bachelor of Accounting & Finance – University of Manchester, UK
        Dato’ Ong Eng Bin is the Adviser to the Chairman of OCBC Bank (Malaysia) Berhad, having served as Chief Executive Officer (CEO) of OCBC from 2014 until 2022. He started his career at OCBC in 1988 and was appointed as Head of Corporate Banking in 2004 before being promoted to Head of Business Banking in 2012.
        He is also a Council Member of Asian Institute of Chartered Bankers (AICB) and the Association of Banks in Malaysia (ABM). Dato’ Ong Eng Bin is the Director of Asian Banking School (ABS), Chairman of PAC Lease Sdn Bhd and Chairman of E2 Power Sdn Bhd.
        Dato’ Ong Eng Bin brings vast experience in corporate banking, covering corporate and commercial, emerging business and transaction banking.
        Declaration:
        • Dato’ Ong Eng Bin does not have any conflict of interest or any family relationship with any Director and/or major shareholder of CGC.
        • Dato’ Ong Eng Bin has not been charged and/or convicted for any offence.
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        CHOONG TUCK OON
        Independent Non-Executive Director

        CHOONG TUCK OON

        Independent Non-Executive Director
        Age
        65
        Male
        meeting attendance
        Date Appointed to the Board
        20 January 2017
        TENURE OF DIRECTORSHIP
        6 years 5 months
        (as at 50th AGM – 20 June 2023)
        Membership of Board Committee(s)
        • Chairman of Board Digital Committee (BDC) (Disbanded on 31 January 2023)
        • Member of Board Risk Management Committee (BRMC)
        Qualification(s)
        • Master of Science in Computer Applications – Asian Institute of Technology
        • Executive Diploma in Directorship - Singapore Management University
        • Bachelor of Science (First Class) in Mathematics – University of Malaya
        Choong Tuck Oon started his career in Petronas where he held executive positions in various upstream and downstream functions for more than 7 years. He had served Accenture for 26 years and retired as Senior Partner of Financial Services in the Asia-Pacific.
        Choong Tuck Oon specialises in technology, strategy and transformation for banking and insurance industries. He led many strategic initiatives involving more than 20 large domestic and global banks, and insurers in Asia, including national payment projects in Malaysia and Singapore. He is also active in the ASEAN digital start-up ecosystem where his advice on digital and Fintech programmes is much in demand.
        Choong Tuck Oon has also been active in NGO initiatives such as advising a consortium of international aid agencies on core systems for the launch of bank-ofbanks microfinancing in Indonesia and advising a global wildlife/nature agency on a new growth strategy for 11 countries in Asia.
        Choong Tuck Oon is the Non-Executive Chairman of CGC Digital Sdn Bhd, a subsidiary of CGC. He is also an Independent Non-Executive Director on the Boards of FIDE Forum Malaysia, Star Media Group Berhad and AXA Affin Life Insurance Berhad. He was previously an Independent Non-Executive Director of NTUC Income Insurance Cooperative Ltd Singapore, RHB Bank, RHB Islamic Bank, RHB Indochina Bank, RHB Indochina Securities and RHB Private Equity.
        Declaration:
        • Choong Tuck Oon does not have any conflict of interest or any family relationship with any Director and/or major shareholder of CGC.
        • Choong Tuck Oon has not been charged and/or convicted for any offence.
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        FAISAL BIN ISMAIL
        FCA
        Independent Non-Executive Director

        FAISAL BIN ISMAIL

        FCA
        Independent Non-Executive Director
        Age
        60
        Male
        meeting attendance
        Date Appointed to the Board
        1 December 2019
        TENURE OF DIRECTORSHIP
        3 years 7 months
        (as at 50th AGM – 20 June 2023)
        Membership of Board Committee(s)
        • Chairman of Board Audit Committee (BAC)
        • Member of Board Risk Management Committee (BRMC)
        Qualification(s)
        • Fellow of the Institute of Chartered Accountants in England & Wales
        • Member of the Malaysian Institute of Accountants
        Faisal bin Ismail has over 30 years of experience in various responsibilities/areas including at board level, top management, M&A, corporate, finance, tax planning, consulting, transformation and human resources. He has vast experience in different industries including hotels, property investment and development, healthcare, shipbuilding and repairs, banking, power, and education.
        He serves as an Independent Non-Executive Director of BNP Paribas Malaysia Berhad since October 2020. Previously, he was inter-alia a Non-Independent Non-Executive Director of Danajamin Nasional Berhad, Independent Non-Executive Director of J.P. Morgan Chase Bank Berhad, Executive Director of Landmarks Berhad, Executive Director of BinaFikir Sdn Bhd, Director in the Investment division of Khazanah Nasional Berhad and Group Managing Director of Pantai Holdings Berhad.
        Declaration:
        • Faisal bin Ismail does not have any conflict of interest or any family relationship with any Director and/or major shareholder of CGC.
        • Faisal bin Ismail has not been charged and/or convicted for any offence.
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        SALEHA M. RAMLY
        Independent Non-Executive Director

        SALEHA M. RAMLY

        Independent Non-Executive Director
        Age
        70
        Female
        meeting attendance
        Date Appointed to the Board
        1 December 2019
        TENURE OF DIRECTORSHIP
        3 years 7 months
        (as at 50th AGM – 20 June 2023)
        Membership of Board Committee(s)
        • Member of Board Audit Committee (BAC)
        • Member of Board Nomination & Remuneration Committee (BNRC)
        Qualification(s)
        • Master of Laws (LL.M) – University of London, UK
        • Bachelor of Laws (LL.B) – University of Malaya
        Saleha M. Ramly began her career as a lecturer in the Law Faculty of University of Malaya where she had served for more than 8 years. She then held various senior positions in legal and/or secretarial departments in government-linked and publiclisted companies, namely Sime UEP Properties Berhad and its holding company Sime Darby Berhad and its other listed subsidiaries, Country Heights Holdings Berhad and Landmarks Berhad.
        Upon her retirement in 2007, Saleha M. Ramly continued to serve in similar positions in the University of Malaya, Perbadanan Insurans Deposit Malaysia, Scomi Group Berhad and ACR Capital Holdings Pte Ltd group of companies in Malaysia and Singapore until 2018. She is currently a member of the Institute of Corporate Directors Malaysia (ICDM).
        With over 30 years of vast experience in corporate legal and secretarial operations, Saleha M. Ramly has in-depth experience in crafting corporate governance policies and legal documents for companies and providing staff training on governance and legal matters. She was also involved in various corporate transactions and exercises, including acquisitions and disposals of assets, both domestic and cross-border, due diligence exercises and raising of capital, and advised on human resource-based legal matters such as retrenchments, grievance procedures and industrial relations
        Declaration:
        • Saleha M. Ramly does not have any conflict of interest or any family relationship with any Director and/or major shareholder of CGC.
        • Saleha M. Ramly has not been charged and/or convicted for any offence.
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        ANTHONY LIM CHOON ENG
        FAIBF, CB
        Independent Non-Executive Director

        ANTHONY LIM CHOON ENG

        FAIBF, CB
        Independent Non-Executive Director
        Age
        65
        Male
        meeting attendance
        Date Appointed to the Board
        1 April 2022
        TENURE OF DIRECTORSHIP
        1 year 3 months
        (as at 50th AGM – 20 June 2023)
        Membership of Board Committee(s)
        • Chairman of Board Risk Management Committee (BRMC)
        • Member of Board Investment Committee (BIC)
        • Member of Board Digital Committee (BDC)
          (Disbanded on 31 January 2023)
        Qualification(s)
        • Fellow of the Australian Institute of Banking and Finance
        • Chartered Banker of the Asian Institute of Chartered Bankers
        • Senior Leadership and Advanced Management Programs – Wharton School of Business, University of Pennsylvania, USA
        • Senior Associate – Securities Institute of Australia
        • Master of Applied Finance – Macquarie University, Australia
        Anthony Lim Choon Eng has over 35 years of experience in the banking and finance industry, serving in key management positions covering treasury, business banking, investment banking and risk management.
        Anthony Lim is the Non-Executive Director of CGC Digital Sdn Bhd, a subsidiary of CGC. He is also an independent director of Bank of America Malaysia Berhad and a member of the Investment Panel for the Kumpulan Wang Persaraan (Diperbadankan) (“KWAP”). He was an Independent Director of Sumitomo Mitsui Banking Corporation Malaysia Berhad (SMBC) from 2011 to 2015 and was later appointed as the Deputy Chief Executive Officer of the same bank from 2015 to 2020.
        Anthony had served in various senior management positions with the Maybank group of companies from 1995 to 2009. He later joined Implico GmbH, Germany and Malaysia as private equity investor and director. Anthony had also worked in St. George Bank Limited and ANZ Bank Limited in Sydney, Australia.
        Declaration:
        • Anthony Lim Choon Eng does not have any conflict of interest or any family relationship with any Director and/or major shareholder of CGC.
        • Anthony Lim Choon Eng has not been charged and/or convicted for any offence.
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        SUHAIMI ALI
        Non-Independent Non-Executive Director

        SUHAIMI ALI

        Non-Independent Non-Executive Director
        Age
        48
        Male
        meeting attendance
        Date Appointed to the Board
        28 April 2022
        TENURE OF DIRECTORSHIP
        1 year 2 months
        (as at 50th AGM - 20 June 2023)
        Membership of Board Committee(s)
        • Nil
        Qualification(s)
        • Bachelor of Accounting - University of Notre Dame, United States of America
        Suhaimi Ali is currently an Assistant Governor of BNM, responsible for Financial Development and Innovation Department, Islamic Finance Department and Financial Inclusion Department. He has served BNM for 25 years in various areas, which include financial sector development, regulation and supervision, strategic planning, market conduct, international negotiations, and IT services, as well as in the Governor’s Office.
        Suhaimi Ali is the Non-Executive Director of CGC Digital Sdn Bhd, a subsidiary of CGC. He is a member of BNM’s Management Committee, Risk Management Committee, Crisis Management Committee, Digital Technology Committee, Financial Development Committee, Financial Stability Committee, Joint Policy Committee, Reserve Management Committee and Financial Market Infrastructure Committee. He is also a member of the Board of Trustee for the International Centre for Leadership in Finance (ICLIF) Trust Funds.
        Declaration:
        • Suhaimi Ali is a nominee of BNM, the major shareholder of CGC.
        • Suhaimi Ali does not have any conflict of interest or any family relationship with any Director.
        • Suhaimi Ali has not been charged and/or convicted for any offence.
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      • DATUK MOHD ZAMREE MOHD ISHAK
        President & Chief Executive Officer

        DATUK MOHD ZAMREE MOHD ISHAK

        President & Chief Executive Officer
        DATE JOINED
        1 January 2015
        AWARD
        • Outstanding CEO Award, Association of Development Financing Institutions in Asia and the Pacific (ADFIAP)
        • Sustainability Leader of the Year, European Organisation for Sustainable Development, ADFIAP and the Association of African Development Finance Institutions in collaboration with the City of Karlsruhe, Germany
        QUALIFICATION(S)
        • Bachelor of Science in Business Administration, Saint Louis University, USA
        • Master in Business Administration (Finance), University of Hull, UK
        • Asian International Executive Programme, INSEAD
        • Chartered Professional in Islamic Finance
        • Global Leadership Development Programme, ICLIF
        • Advanced Management Programme (AMP 191), Harvard Business School, USA
        EXPERIENCE
        Over 33 years of experience in banking operations, corporate banking, consumer banking and Islamic finance. He has held the following key positions:
        • Executive Assistant to the President/Chief Executive Officer, Malayan Banking Berhad (Maybank)
        • Vice President, Consumer Banking, Maybank
        • Executive Vice President, Corporate Banking, Maybank
        • Chief Operations Officer, INCEIF – The Global University of Islamic Finance
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        YUSHIDA HUSIN
        Chief Executive Officer
        CGC Digital Sdn Bhd

        YUSHIDA HUSIN

        Chief Executive Officer
        CGC Digital Sdn Bhd
        Date Joined:
        1 April 2016
        Qualification(s)
        • Bachelor of Science in Statistics, University of Illinois Urbana- Champaign, USA
        Experience
        Yushida is leading CGC Digital, a digital start-up, to further aid MSMEs’ access to financing and scale up their businesses using data- and technology-driven innovation. Over 26 years of experience in various leading roles involving transformation, strategy, technology-led innovation, corporate support functions, operations and management consulting within the financial services industry. She has held the following key positions:
        • Consultant, Accenture Malaysia
        • Chief Corporate Services Officer, Takaful Ikhlas Berhad
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        PERBAGARAN KUPPUSAMY
        Chief Risk Officer

        PERBAGARAN KUPPUSAMY

        Chief Risk Officer
        Date Joined:
        1 August 2005
        Qualification(s)
        • Bachelor of Accountancy (Hons.), Universiti Utara Malaysia (UUM)
        • Master of Business Administration, Cardiff Metropolitan University, UK
        • Chartered Banker, AICB/(CB), Chartered Banker Institute UK & Asian Institute of Chartered Bankers
        • Certified Internal Auditor (CIA) from Institute of Internal Auditors Malaysia
        • Advanced Credit Enhancer (ACE) Certification, CGC – Institut Bank- Bank Malaysia (IBBM)
        • Member, Institute of Internal Auditors Malaysia (IIAM)
        • Member, Malaysian Institute of Accountants (MIA)
        Experience
        Experience Over 24 years of experience in Audit & Risk Management. He has held the following key positions:
        • Head of Branch Audit, Affin Bank Berhad
        • Head of Internal Audit, CGC
        • Senior Manager of Asset Management, CGC
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        DAENG HAFEZ ARAFAT ZUHUD
        General Counsel & Company Secretary

        DAENG HAFEZ ARAFAT ZUHUD

        General Counsel & Company Secretary
        Date Joined:
        4 May 2015
        Qualification(s)
        • Bachelor of Laws (Hons.), International Islamic University Malaysia (IIUM), 1994
        • Advocate and Solicitor of High Court of Malaya. Admitted on 18 March 1995
        • Licensed Company Secretary of Companies Commission of Malaysia since 1998
        Experience
        Has accumulated 28 years of experience in various sectors such as financial services, oil & gas, telecommunications, aerospace, and hotel & property development. He has held the following key positions:
        • Manager, Legal & Corporate Services, and Company Secretary, Aerospace Technology Systems Corp. Sdn Bhd
        • Senior Manager, Legal & Company Secretarial/Joint Company Secretary, Lankhorst Berhad
        • Senior Manager, Legal & Human Resources, Intraline Group of Companies
        • Assistant Vice President, Group Corporate Secretarial, Maybank, and Company Secretary of Maybank Asset Management Group of Companies and Maybank (Cambodia) Plc
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        ZARINA OSMAN
        Chief Credit & Operations Officer

        ZARINA OSMAN

        Chief Credit & Operations Officer
        Date Joined:
        3 April 2017
        Qualification(s)
        • Bachelor of Accountancy (Hons.), University of Malaya
        • Certified Credit Professional (CCP) from Institut Bank-Bank Malaysia (IBBM)
        • Banking Credit Specialist from Islamic Banking and Finance Institute Malaysia (IBFIM)
        • Islamic Professional Credit Certification from IBFIM
        Experience
        Over 28 years of combined experience in business and credit management covering the entire Business Banking portfolio, including Investment, Treasury and Capital Markets, Corporate, Commercial, SMEs and Retail Business. In addition to investment and corporate business experience in Amanah Merchant Bank Bhd, she is an Islamic banking practitioner and pioneer member of RHB Islamic Bank Bhd team that established the first Islamic Window subsidiary in Malaysia. She has held the following key positions and undertook credit transformation exercises as Head of Credit Management in:
        • Bank Muamalat Malaysia Bhd
        • Kuwait Finance House Malaysia Bhd
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        RAHIM RADUAN
        Chief Corporate Officer

        RAHIM RADUAN

        Chief Corporate Officer
        Date Joined:
        2 May 2018
        Qualification(s)
        • Bachelor of Arts (Hons.) Accounting & Finance, University of East London, UK
        • Member of Financial Planning Association of Malaysia (FPAM)
        • Member of Malaysian Financial Planning Council (MFPC)
        • CIMB-INSEAD Leadership Programme, INSEAD France
        • Member of the Malaysian Institute of Accountants (MIA)
        • Fellow of the Association of Chartered Certified Accountants (ACCA), UK
        Experience
        Over 23 years of experience in many sectors including investment and consumer banking, wealth management, fund management, automotive, infrastructure, and property development. He has held the following key positions:
        • General Manager/Head of Group Finance Division, PROTON Holdings Berhad
        • Chief Operating Officer, CIMB Wealth Advisors Berhad
        • Chief Operating Officer, CIMB-Principal Asset Management Berhad (now known as Principal Asset Management Berhad)
        • Managing Director/Head of Consumer Banking’s Operations & Service Support, CIMB Bank Berhad
        • Director in Group MD/CEO’s Office, UEM Group Berhad
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        SHAZMEER MOKHTAR
        Chief Financial Officer

        SHAZMEER MOKHTAR

        Chief Financial Officer
        Date Joined:
        2 May 2018
        Qualification(s)
        • Bachelor of Arts (Hons.) Accounting & Finance, London South Bank University, UK
        • Edward S. Mason Fellow, Harvard Kennedy School, USA
        • Master in Public Administration, Harvard University, USA
        • Member of the Malaysian Institute of Accountants (MIA)
        • Member of the Malaysian Institute of Certified Public Accountants (MICPA)
        • Member of the Institute of Chartered Accountants England & Wales (ICAEW)
        • Fellow of the Association of Chartered Certified Accountants (ACCA), UK
        • Negotiation & Influencing Skills Programme, London Business School, UK
        • Digital Disruption: Digital Transformation Strategies, Cambridge Judge Business School
        Experience
        Over 20 years of professional experience in Central Banking (Supervision, Regulation, Investments and Corporate Strategy) and Commercial sector (Finance and Procurement). He was instrumental in implementing several strategic initiatives to position Malaysia as an International Islamic Finance marketplace. This includes his involvement in the BNM-SC-World Bank technical working group which facilitated the issuance of the world’s first Green Sukuk in 2017. He also led the origination and structuring of the world’s first liquidity instruments based on mudharabah. He has held the following key positions:
        • Deputy Director, BNM
        • Board member, Aureous CGC Advisers Sdn Bhd
        Award
        Academic Excellence Award, BNM (2006)
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        FAKRUL AZMI MOHAMAD
        Chief Internal Auditor

        FAKRUL AZMI MOHAMAD

        Chief Internal Auditor
        Date Joined:
        2 October 2018
        Qualification(s)
        • Bachelor of Arts (Accounting & Financial Management), University of Sheffield, UK
        • Certified Internal Auditor (CIA) from the Institute of Internal Auditors Malaysia
        • Certified Credit Professional (CCP) from Institut Bank-Bank Malaysia (IBBM)
        • Member of the Malaysian Institute of Accountants (MIA)
        • Chartered Global Management Accountant (CGMA) from the American Institute of Certified Public Accountants
        • Associate Chartered Management Accountant (ACMA) from the Chartered Institute of Management Accountants, UK
        Experience
        Over 24 years of internal audit experience in the financial services sector. He has held the following key positions:
        • Chief Internal Auditor, Malaysia Debt Ventures Berhad
        • Chief Internal Auditor, Malaysia Development Bank Berhad
        • Chief Internal Auditor, Asian Finance Bank Berhad
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        SEAN TAN
        Chief Business Officer

        SEAN TAN

        Chief Business Officer
        Date Joined:
        5 April 2023
        Qualification(s)
        • Bachelor of Commerce, Major in Finance and Marketing, Curtin University of Technology, Perth, Australia
        Experience
        Over 22 years of banking, corporate and PropTech experience ranging from Product Development, Business Strategy, Credit Collection and Recovery, Portfolio Management, Marketing, Data and Software Solutions and Distribution Channels to Sales within Consumer, Business, Commercial Banking and B2B business. He has held the following key positions:
        • Head of Business Development, Data and Software Solutions Division, PropertyGuru Group
        • Head of Sales and Partnership, Business Banking, UOB Bank Malaysia
        • Head of Sales, Retail SME, Standard Chartered Bank Malaysia
        • Head of Personal Loan, Personal Loan, Hong Leong Bank
        • Head of Propositions, Strategy and Channels, Commercial Banking, HSBC Bank Malaysia
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        SUM LENG KUANG
        Advisor Investment

        SUM LENG KUANG

        Advisor Investment
        Date Joined:
        1 September 2015
        Qualification(s)
        • Bachelor of Commerce (Finance), University of Canterbury, New Zealand
        • Certified Financial Planner
        Experience
        Over 39 years of experience in fund management, particularly in managing fixed income investment portfolios, credit evaluation, and credit risk management. She has held the following key positions:
        • Senior Vice President, Head of Fixed Income Investment, Great Eastern Life Assurance (Malaysia) Berhad
        • Acting CEO, Hong Leong Asset Management Berhad
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        WAI KO-CHI
        Head, Information Technology

        WAI KO-CHI

        Head, Information Technology
        Date Joined:
        15 June 2017
        Qualification(s)
        • Bachelor of Engineering (Hons. Mechanical), University of Malaya
        Experience
        Over 25 years of experience with various national and international organisations, involved in global and regional projects in applications development, systems integration, enterprise architecture, and managed services delivery. He has held the following positions:
        • Analyst, Andersen Consulting/ Accenture
        • Architect, Shell IT/Hewlett Packard Malaysia
        • Chief Engineer, DXC Technology/ Hewlett Packard Enterprise
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        MOHANA ARUMUGAM
        Head, Corporate Communications

        MOHANA ARUMUGAM

        Head, Corporate Communications
        Date Joined:
        5 July 2018
        Qualification(s)
        • Bachelor of Communication with Honours, Universiti Sains Malaysia (USM)
        Experience
        Over 23 years of experience in the financial industry, including corporate communications, sales and distribution, wealth management and retirement services. At CGC, she currently oversees Brand Management, Public Relations and Media, Events, Social and Digital Media, and Corporate Social Responsibility. She has held the following positions:
        • Director, Private Retirement Services, CIMB-Principal Asset Management Berhad (now known as Principal Asset Management)
        • Assistant Director, Retail Funds Marketing, CIMB-Principal Asset Management Berhad (now known as Principal Asset Management)
        • Manager, Knowledge Management, CIMB Investment Bank Berhad
        • Assistant Manager, Corporate Resources (Communications), CIMB Investment Bank Berhad
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        MOHD SUKERI ISMAIL
        Head, Operations

        MOHD SUKERI ISMAIL

        Head, Operations
        Date Joined:
        6 May 1996
        Qualification(s)
        • Diploma, Indiana University, USA
        • Bachelor of Science in Business Administration (Finance), Creighton University, USA
        Experience
        Over 26 years of experience in Shared/Full Risk and Financing applications. He has held the following positions:
        • Branch Executive, Hong Leong Finance Berhad
        • Branch Manager, Hong Leong Finance Berhad
        • Assistant Manager, Guarantee, CGC
        • Manager, Credit Evaluation, CGC
        • Senior Manager, Operations, CGC
        • Senior Manager, Credit, CGC
        • Assistant General Manager, Credit, CGC
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        MOHAMED AZMAN MOHAMED TAUFIK
        Head, Business Development & Products

        MOHAMED AZMAN MOHAMED TAUFIK

        Head, Business Development & Products
        Date Joined:
        4 February 2015
        Qualification(s)
        • Bachelor of Management Studies, University of Waikato, New Zealand
        Experience
        Over 33 years of experience in the banking and financial sectors, both in Malaysia and Indonesia. Has extensive experience in corporate banking, SME banking, and branch management. Held the following key positions:
        • Senior Account Manager, Malayan Banking Berhad
        • Associate Director, Danajamin Nasional Berhad
        • Associate Director, The Bank of Nova Scotia Berhad
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        NILAMMASRI JA’AFAR
        Head, Bumiputera Development & Sales Management

        NILAMMASRI JA’AFAR

        Head, Bumiputera Development & Sales Management
        Date Joined:
        20 September 2021
        Qualification(s)
        • Advanced Diploma in Business Studies (Finance), Universiti Teknologi MARA (UiTM)
        • Executive Development Programme, Wharton School, University of Pennsylvania
        • Certified Professional Coach, Malaysian Institute of Management
        Experience
        Over 25 years of experience in banking and asset management with exposure to credit management, and recovery of both retail and corporate loans. She has held the following key positions:
        • Pioneer team member of Pengurusan Danaharta Nasional Berhad and Prokhas Sdn Bhd
        • Senior Vice President/Head, Business Banking, Bank Pembangunan Malaysia Berhad
        • Senior Vice President/Head, Business Financing & Development, Bank Simpanan Nasional
        • Senior Specialist, Axiata Digital Capital Sdn Bhd
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        AZMAN IDRUS
        Head, Strategic Management

        AZMAN IDRUS

        Head, Strategic Management
        Date Joined:
        12 September 2022
        Qualification(s)
        • Master of Business Administration, University of Hull, United Kingdom
        • Bachelor of Information Science, MARA University of Technology (UiTM)
        Experience
        Over 25 years of experience in consumer banking strategy development, operations, channels, and change management leadership within financial institutions, including those with regional presence.
        • Head of Channel Operations & Services, Al Rajhi Bank Malaysia
        • Head of Channel Operations & Head of Strategic Management, Consumer Banking, CIMB Bank Berhad
        • Senior Manager, AmBank (M) Berhad/AmBank Islamic
        • Consultant & Consulting Manager, Cap Gemini Ernst & Young Malaysia and Asia Pacific
        • Research Officer & Junior Analyst, Citibank Berhad
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        ENG CHUN MUN
        Chief Growth officer
        CGC Digital Sdn Bhd

        ENG CHUN MUN

        Chief Growth officer
        CGC Digital Sdn Bhd
        Date Joined:
        11 November 2022
        Qualification(s)
        • Master of Business Administration (Distinction) from Alliance Manchester Business School, The University of Manchester, UK
        Experience
        Chun Mun has over 20 years of experience in the financial services industry, with experience in areas including strategy, business development, capability development, governance, and operations. At CGC Digital Sdn Bhd, Chun Mun is leading a vibrant team focussing on Strategy, Ecosystem Partnerships, Digital Platformbased Business Development, Digital Product & Process Innovation, Data Analytics, Design Thinking & The Digital Customer Experience, Integrated Marketing (especially Digital Marketing) and Corporate Communications.
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        ILA DIXIT
        Chief Innovation Architect
        CGC Digital Sdn Bhd

        ILA DIXIT

        Chief Innovation Architect
        CGC Digital Sdn Bhd
        Date Joined:
        11 November 2022
        Qualification(s)
        • Master of Computer Management, Devi Ahilya Vishwavidyalaya, Indore, India
        Experience
        With over 19 years of experience in multi-channel, project delivery and management positions, Ila has expertise in executing digital transformation projects. She has a proven track record of leading transformational programmes that significantly improve customer experience and operational efficiency. Ila held the following key positions:
        • Head, Digital Channels and Products, Celcom Axiata Berhad
        • Head, Digital Operations, Celcom Axiata Berhad
        • Digital Delivery Lead and Consultant, Tata Consultancy Services, Malaysia Sdn Bhd
        • IT Billing and Operations, IBM, India
        PREV
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      CORPORATE GOVERNANCE OVERVIEW STATEMENT

      Despite expectations of an economic recovery in 2022, the global economy remained unpredictable, resulting in a slowdown that impacted countries worldwide. However, Malaysia’s economy grew by 8.7%, exceeding its forecast performance. The challenges faced included rising living costs, labour shortages, currency fluctuations, stricter financial regulations, supply chain issues, and the emergence of Covid-19 variants. In response, CGC remained committed to Building Resilience and Enhancing Sustainability for our MSMEs. We aimed to improve their knowledge and encourage innovative collaboration while promoting ESG principles, particularly with regard to climate change, biodiversity, and natural resource limitations. Our dedication to providing exceptional value to our customers, partners, and stakeholders remained unwavering.
      Board Leadership and Effectiveness
      Effective Audit and Risk Management
      Integrity in Corporate Reporting and Meaningful Relationship with Stakeholders
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      NOTICE OF 50TH ANNUAL GENERAL MEETING

      DateTuesday, 20 June 2023
      Time12.00 p.m.
      Broadcast Venue
      Bangunan CGC, Kelana Business Centre, 97, Jalan SS 7/2, 47301 Petaling Jaya,
      Selangor Darul Ehsan
      Contact Us
    • Phone: +603 – 78062300
    • Fax: +603 – 78063308
    • Email:

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      MAJOR MILESTONES