Posted by LALA > 2022-03-03 20:27 | Report Abuse

In deep sheets.


From ATMs to High Court: CIMB’s technical glitch should be a lesson to all banks
Author: savemalaysia | Publish date: Thu, 3 Mar 2022, 7:49 PM

THIS has been a tumultuous week for CIMB Group Holdings Bhd, the parent of CIMB Bank Bhd and CIMB Bank Islamic Bhd, which is embroiled in a legal suit from a group of 12 customers after their accounts were frozen owing to a recent system glitch.

On Tuesday (March 1), the banking counter slumped 42 sen or 7.35% to close at RM5.29 with 71.69 million shares traded – its biggest intraday loss since March 2020 – after the banking group posted a credit loss of RM280.9 mil last year due to a processing error that saw excess funds deposited in some customer accounts.

The following day, the stock fell a further 26 sen or 4.91% to close at RM5.03 – also amid a heavy volume of 66.92 million shares.