CIMB Singapore

Did you know?

The bank has been renamed many times in the past and it was relaunched with its current name to form a universal banking group in January 2006 by the then Prime Minister Abdullah Ahmed Badawi. Over a period, it has expanded its operations by entering into new geographies and by acquiring numerous smaller banks.

CIMB’s Founding Story

CIMB Group was founded almost 90 years ago in 1924 with the name Bian Chiang Bank in Sarawak, Malaysia.  From modest beginnings as a niche merchant bank in Malaysia, it has significantly grown into a regional driving force in the banking sector. The bank was founded by Wee Kheng Chiang. Initially, the bank only dealt with the issuance of bills of exchange and business financing. However, over a period of time, the bank was rebranded numerous times and it expanded its operations to other countries in the region and acquired other banks as well.

Currently, the bank has over 37,000 employees working in 15 markets globally. The bank has total assets worth RM 511.2 billion. In 2014, the bank moved into its new headquarters which is housed in a 40-storey building.

History of CIMB in Singapore

CIMB first entered the Singapore market in the year 1947 through Ban Hin Lee Bank. Singapore is one of the most important markets for CIMB, as the bank generates a major portion of its revenue from Singapore. The bank further spread its wings in Singapore when it acquired G.K. Goh Stockbrokers Pte. Ltd in the year 2005. However, the bank started offering general banking services only in 2009 in line with the requirements of their customers. They also offer advanced Islamic products and services to the Singaporean market. The services that CIMB offers in addition to banking products in Singapore include:

  • Asset Management
  • Research Coverage
  • Equities Brokerage
  • Investment Banking

Global Footprints

CIMB currently operates in 15 countries around the globe. In the last decade, CIMB has expanded to other regions, especially among ASEAN nations. For example, in the year 2010, it launched its subsidiary in Cambodia. CIMB also expanded its operations through various acquisitions. For example, CIMB acquired the associated investment banking businesses of RBS in 2012 and started operating in Seoul, Hong Kong, Melbourne, New York and other regions. It also completed the Asia Pacific investment in 2013 by starting its operations in Korea, Taiwan, and India.

In 2014, CIMB opened its first branch in Lao PDR when it inaugurated the CIMB Thai – Vientiane Branch. With this, CIMB has extended its presence to 9 out of 10 ASEAN nations.

Performance of CIMB in Singapore

Here are some of the financial highlights of the overall performance of the bank in the past year:

  • Total assets: RM 506 billion
  • Operating Income: RM 18 billion
  • Net Profit: RM 4.5 billion
  • Gross Loans: RM 324 billion
  • Return on Equity: 9.6%
  • Deposits from customers: RM 357 billion
  • Gross Dividend Per Share: 25 sen
  • Total Capital Ratio: 16.8%

Profit Before Tax from Singapore grew 46.9% Year-on-Year to RM 354 million. This happened mainly because of enhanced liability management, with 2.5% Year-on-Year deposits growth as a result of a rise in lower-cost Current and Savings Account Ratio at the expense of fixed deposits. This brought about an expansion in the Net Interest Margin. The bank achieved this performance despite a 2.7% Year-on-Year contraction in gross loans in the year 2017.

CIMB’s Product Portfolio in Singapore

CIMB offers the following products and sub-products:

  • Accounts
    • Current Accounts
      • CIMB StarSaver Account
      • CIMB Foreign Currency Current Account
      • CIMB StarSaver-i Account
    • Savings Accounts
      • CIMB FastSaver Account
      • CIMB FastSaver-i Account
      • CIMB StarSaver (Savings) Account
      • CIMB StarSaver (Savings)-i Account
      • CIMB Junior Saver Account
    • Fixed Deposit Accounts
      • CIMB Foreign Currency Fixed Deposit Account
      • CIMB Why Wait Fixed Deposit-i Account
      • CIMB SGD Fixed Deposit Account
    • Deposit-i Accounts
      • CIMB StarSaver-i Account
      • CIMB StarSaver (Savings)-i Account
      • CIMB FastSaver-i Account
  • Investments
    • Unit Trusts
    • Dual Currency Investments
    • Supplementary Retirement Scheme
    • Structured Deposits
    • FX Margin
  • Loans
    • Personal Loan
    • Property Loan
    • Overseas Property Loan
  • Insurance
    • Protect
    • Retire
    • Save
    • Health Insurance
    • General Insurance
    • Legacy Planning
  • Cards
    • CIMB Platinum Mastercard
    • CIMB Visa Signature
    • CIMB World Mastercard
    • CIMB Visa Infinite
  • Other Card-Related Products
    • CIMB Platinum Mastercard
    • CIMB Visa Signature
    • CIMB World Mastercard
    • CIMB Visa Infinite

Awards

CIMB is one of the leading banks among ASEAN nations. The bank has garnered various awards over the years. Some of the awards that the bank has received are as follows:

  • Best Bank 2016 and Best Investment Bank in Malaysia 2016 by FinanceAsia Country Awards.
  • 2016 Islamic Bank of the Year – Global by The Banker magazine.
  • Best Bank in Indonesia and Malaysia by Asiamoney Awards 2017.
  • Sukuk House of the Year in Asia Pacific by The Asset Triple A Awards 2017.
  • House of the Year in Indonesia and Malaysia by Asia Risk Awards 2017.
  • Best Investment Bank in Asia Pacific by The Asset Triple A Awards 2017.
  • Best JomPAY Bank by Malaysian e-Payments Excellence Awards 2017.
  • Best Retail Bank in Malaysia by The Asian Banker.
  • Best Digital Bank in Malaysia by Asiamoney Awards 2017.

Social Responsibility and Sustainability Initiatives

CIMB has contributed significantly to society as part of its corporate responsibility. In the last seven years, the bank has run various projects benefiting over three million people across ASEAN nations. As part of the bank’s CSR activity, CIMB launched the CIMB foundation in November 2007. In a short period of 11 years, it has become one of the leading CSR advocates among ASEAN nations. Till date, the foundation has given out close to RM 76 million to different programmes relating to sports, community development and education.

CIMB in the News

Get tailored solutions to help with your financial planning with CIMB F.I.R.S.T

The full form of F.I.R.S.T. is Finance, Insure, Returns, Save and Transact. With this solution, every customer will be able to pick a profile online that describes them in the best possible way. F.I.R.S.T. will recommend a plan covering credit cards, investments, insurance, financing and savings. This will empower customers to come forward and adopt organised financial planning, at different times in their lives. CIMB F.I.R.S.T will be available through CIMB websites and through the different CIMB branches, in case customers need face-to-face assistance as well.

16 May 2018


CIMB is acknowledged for running the best risk management team by The Asian Banker Awards

The CIMB Group was recognised as the bank operating the best team in Enterprise Risk Management at The Asian Banker Risk Management Awards 2018. CIMB’s employee David Richard Thomas also got the award for being the best Chief Risk Officer of the Year at The Asian Banker Risk Leadership Achievement Awards 2018. The awards are intended to recognise outstanding achievements and best practices of the best managed teams in risk management in different financial institutions.

17 June 2018


CIMB Bank gets the Best Retail Bank award in Malaysia for the second year in succession at the Asian Banker 2018 Awards

CIMB Bank Berhad won the ‘Best Retail Bank in Malaysia’ for the second year running. In addition, the bank also won the award for ‘Best Automation Initiative, Efficiency and Productivity for 2018 at The Asian Banker’s International Excellence in Retail Financial Services 2018 Awards. These awards are some of the industry’s most prominent because of its strict criteria for innovativeness in the field of retail financing in the Middle East, Central Asia, Asia Pacific and Africa.

26 March 2018


CIMB provides free online fund transfers in Malaysia

CIMB Bank Berhad recently announced the waiver of the Instant Interbank Fund Transfer (IBFT) fee of RM 0.53 per transaction and Interbank GIRO (IBG) fee of RM 0.11 per transaction made on CIMB Clicks and CIMB EVA mobile app, irrespective of the amount transferred. This announcement has been made as part of the bank’s initiative to encourage the use of digital payments to support Bank Negara Malaysia’s agenda of a cashless society. With CIMB Clicks getting an upgrade, customers will get quick access to transactions and accounts, improved user experience, personalised offerings and promotions and improved security and safety.

25 April 2018


CIMB Foundation creates income for 50 local producers who make different food items

CIMB Foundation takes the initiative to promote the products of local producers in the Klang Valley by deploying two mobile food trucks as part of its Mobile Ramadhan Bazaar Programme. There are 50 home-based producers whose products are being sold on the truck. The initiative is part of the CIMB Foundation’s effort to encourage local entrepreneurs who do not have the means to market their products widely because of lack of capacity and limited resources. All the producers whose products were sold on the trucks are beneficiaries of CIMB Foundation ranging from people from the lower income groups to single mothers.

12 June 2018


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