CIMB has distinguished itself as a bank for discerning high-net-worth individuals and businesses, offering a comprehensive suite of bespoke solutions tailored to individual needs
In the competitive realm of Singapore’s financial sector, CIMB has distinguished itself as a top-tier bank catering to discerning high-net-worth individuals and businesses. Known for its personalised approach, CIMB offers a sophisticated range of bespoke solutions tailored to individual needs.
A legacy of excellence
Established in 1947 as Ban Hin Lee Bank, CIMB has evolved into a dynamic force through strategic mergers and acquisitions. Its presence in Singapore further expanded with retail banking in 2009, followed by the introduction of private banking services in 2013. Today, CIMB Singapore offers a comprehensive suite of products and services, catering to consumer, commercial and wholesale banking needs, along with treasury and financial markets services.
In 2023, CIMB crossed a significant milestone and saw revenue grow 33 per cent compared to 2022, and it has set its sights to double its market share in the next couple of years.
Its commitment to superior service was further recognised when it was named the top consumer bank in The Straits Times’ Best Customer Service 2024/25 Survey, highlighting its dedication to exceptional value and simplicity. “As a niche challenger bank in Singapore, we have grown tremendously over the past few years. Today, we are a bank to watch,” says Victor Lee, CEO of CIMB Singapore.
Tailored exclusivity
CIMB’s strength lies in its bespoke offerings for high-net-worth individuals and business owners. Embracing an open-architecture model, CIMB provides clients with a curated selection of investment, financing, and insurance solutions, developed in partnership with leading industry experts.
This approach sets CIMB apart in a market where exclusive bank-insurer alliances are common. In fact, CIMB is the largest bank in Singapore to work with five major insurers. For personal banking clients, CIMB Preferred, the bank’s priority banking programme, offers an elevated beyond banking experience with exclusive benefits such as discounted health screening packages and comprehensive wealth-building options from top insurers and fund houses in Singapore. These privileges extend to family members, enhancing the bank’s commitment to its clients.
In the business arena, CIMB delivers robust solutions including interest-bearing current accounts with competitive rates in Singapore and US dollars, complimentary telegraphic transfers, and access to essential beyond-banking services like human resources, accounting, and cybersecurity support. These offerings empower businesses to excel in a competitive market.
“As a major regional bank, CIMB is committed to strengthen connectivity within the South-east Asian region, particularly with Malaysia. This regional integration facilitates seamless cross border banking, catering to the needs of businesses and individuals operating in both markets,”adds Lee.
Commitment to excellence
CIMB’s dedication to cultivating enduring relationships is evident in its stable and expert wealth management team. The bank prides itself on a lower turnover rate compared to competitors, ensuring consistent, personalised service. This commitment has earned CIMB accolades and a reputation for excellence among its clients in Singapore.
A vision for growth
Looking ahead, CIMB aims to double its market share in Singapore, driven by a strategy focused on customer-centricity and value. The bank is committed to offering exceptional deals and maintaining transparency, ensuring a straightforward and accessible banking experience.
Leveraging advanced technologies, the bank is enhancing its digital platforms to streamline banking processes and improve user experience. Its efforts to strengthen regional connectivity, particularly with Malaysia, promise a more efficient cross-border banking for clients in both markets.
As it continues to innovate and expand, its unwavering commitment to personalised service and simplicity ensures a promising future in Singapore’s banking landscape.
This story first appeared in the September 2023 issue. Purchase it as a print or digital copy, or consider subscribing to us here
