Search

MORE NEWS
FINANCIAL SERVICES | Tony Chua, Singapore
Published: 27 Sep 10
5934 views


CIMB Bank Singapore opens new Orchard Branch

Lender's deposit base up 222%, home loans surpassed S$1bln, 61,500 credit cards issued in first year.

CIMB Bank Singapore (“CIMB Bank”) on Monday officially opened its new Orchard Branch at Knightsbridge, Orchard Road to commemorate its strong performance in its inaugural year of retail banking in Singapore.

Present at the opening were Dato’ Sri Nazir Razak, Group Chief Executive, CIMB Group and Mr Mak Lye Mun, Country Head of CIMB Group Singapore and CEO of CIMB Bank Singapore, who together provided an update of the significant progress CIMB Bank has made in Singapore over the past 12 months. It is this progress and validation of CIMB Bank’s ability to deliver meaningful products and services to a targeted client base which has fuelled its confidence to open a premier banking location right in the heart of Orchard Road, according to a CIMB Bank report.

“We are very pleased with the progress of our Singaporean retail franchise since we launched it almost exactly a year ago. We see this as validation of our direct banking model and the value that we are able to deliver to our customers. Having proven ourselves, we felt the time was right to elevate our visibility with a strategic retail front location in Singapore’s famed shopping district,” Dato’ Sri Nazir Razak, Group Chief Executive, CIMB Group remarked.

Reflecting back over the last year, Lye Mun had this to say: “What a year it has been! I am proud to say we have managed to devise unique customer-centric value propositions that have surprised many. To give an example, we have weaved our cost savings from a two-branch constraint into our products and services - we have now earned ourselves the reputation of offering one of the highest deposits rates in town. Unlike most banks that reward only new relationships and fresh funds, we value and reward our existing customers for their banking relationships with us.”

With a strong line-up of products focused on delivering superior relative value, it was no surprise that CIMB Bank Singapore celebrated a year of stellar performance. Below are some highlights of the past 12 months:

  • Deposits base more than doubled from S$590 million in September 2009 to S$1.9 billion in September 2010 – an increase of over 222%.
  • Home loans broke through the S$1 billion mark since inception.
  • 61,500 brand new credit cards issued in under a year.
  • CIMB Bank staff strengthened to more than 500 in September 2009, growing by 60% from 327 personnel in September 2009.

“Looking ahead, CIMB Bank Singapore does not intend to stay still. We aim to continue challenging the status quo and bringing improved value propositions to our customers,” added Lye Mun. CIMB Bank launched its Regional Preferred Banking recently, which gives the bank’s priority banking customers the best in regional cross-border convenience, personalised services, banking solutions, and regional lifestyle benefits. Ushering in this change, CIMB Bank is also unveiling a brand new look and feel for the Preferred brand across its main markets of Malaysia, Indonesia, Singapore and Thailand.

Nazir elaborated that CIMB Preferred’s regional proposition will be one of CIMB Bank’s key focuses in Singapore, going forward. This is because, as a regional franchise with the largest retail network of 1,150 branches across Southeast Asia, CIMB Bank is not confined by geographical boundaries, and is able to offer compelling cross-border propositions for the affluent Singapore market.

“While our customer profile in Singapore currently consists mainly of locals, we have also witnessed a growing number of affluent and upper mass affluent customers from around the region. We expect this group of regional customers to grow to about 30% of our customer base in Singapore. CIMB Preferred will cater to this growing number of priority banking customers from across the region who conduct banking activities in Singapore, and to the jet-setting lifestyles of our local Preferred customers. CIMB Preferred customers will not only be recognised as "Preferred” in their home country, but also across CIMB's regional network. We want our customers to have the same experience they are accustomed to whether they are in Malaysia, Indonesia, Singapore or Thailand and the comfort that they are banking with a leading Southeast Asian franchise,” Nazir added.

To address the growing needs of its customers across the region, CIMB Bank has also been aggressively enhancing its ATM services. Recently, the bank announced the full integration of its regional ATM network of more than 3,750 ATMs, allowing customers from Malaysia, Indonesia, Singapore and Thailand to enjoy seamless cross-border ATM transactions when traveling between these countries. CIMB Bank’s customers can now withdraw money from any CIMB Bank, CIMB Niaga and CIMB Thai ATM machine for free, in the respective country’s currency.

“As we look forward to another year of continued progress and breakthrough in the retail banking sector in Singapore, CIMB Bank would like to express its sincere thanks to its customers for their valued support during the past year,” Lye Mun concluded.



Sign up for our newsletter

 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.

CO-WRITTEN ARTICLES & SPONSOR CONTENT ››

Professor Stephen Brammer from the Birmingham Business School says up to 50% of market value is at stake.
193 views

LATEST FINANCIAL SERVICES JOBS »
PRINT ISSUE »

Subscribe Now
Trains, planes, automobiles and drones

22 views

As goes Hong Kong, so goes Singapore?

317 views

Office property shows no signs of a slowdown

83 views

MOST READ EXCLUSIVES

Singapore's 10 most successful 40 and under hotel managers

Singapore\'s 10 most successful 40 and under hotel managers

Find out who's who in the hotel industry.

by KRISANA GALLEZO
12 Mar 2014 | 52833 views
 

Take an exclusive tour at TripAdvisor's 6,000 sq ft Singapore headquarters

Take an exclusive tour at TripAdvisor\'s 6,000 sq ft Singapore headquarters

It's like having a road trip while at work.

by CARMINA JARIEL
5 Feb 2014 | 19429 views

Singapore's top six Valentine’s Day hotels

Singapore\'s top six Valentine’s Day hotels

Ready to pop the question?

by KRISANA GALLEZO
29 Jan 2014 | 17462 views
 

Singapore's 6 hot new restaurants in February

Singapore\'s 6 hot new restaurants in February

Warm your belly with these picks.

by STAFF REPORTER
27 Feb 2014 | 15902 views

Singapore's 6 hot new restaurants in April

Singapore\'s 6 hot new restaurants in April

Warm your belly with these top picks.

by STAFF REPORTER
1 Apr 2014 | 15370 views
 

Singapore's 6 hot new restaurants in March

Singapore\'s 6 hot new restaurants in March

Get a taste of NYC's eclectic undergound dining.

by STAFF REPORTER
18 Mar 2014 | 13513 views

StarHub's corporate office is so awesome it has its own theatre exclusive to staff

StarHub\'s corporate office is so awesome it has its own theatre exclusive to staff

Check out its other facilities with these pictures.

by STAFF REPORTER
3 Mar 2014 | 8619 views
 

See how FireEye's Singapore headquarters could make hackers scared out of their wits

See how FireEye\'s Singapore headquarters could make hackers scared out of their wits

It's Singapore's threat intelligence hub.

by CARMINA JARIEL
21 Jan 2014 | 7499 views

Why are office rents suddenly the hottest topic in the property market?

Why are office rents suddenly the hottest topic in the property market?

Everyone has been buzzing about it.

by STAFF REPORTER
26 Mar 2014 | 5299 views
 

What could make 2014 a disappointing year for Singapore REITs?

What could make 2014 a disappointing year for Singapore REITs?

SREITs are in for a triple whammy.

by KAREN MESINA
22 Jan 2014 | 5021 views

Parco Marina Bay at Millenia Walk shuts down on 24 February

Parco Marina Bay at Millenia Walk shuts down on 24 February

Let’s call it a day, says management.

by CARMINA JARIEL
12 Feb 2014 | 4316 views
 

Find out how this 2-storey gallery-hostel in Singapore is painting the town red

Find out how this 2-storey gallery-hostel in Singapore is painting the town red

It has 18 rooms with 100 beds.

by STAFF REPORTER
27 Feb 2014 | 3713 views

Is Singapore's property market still haunted by liquidity nightmares?

Is Singapore\'s property market still haunted by liquidity nightmares?

Analysts are still unimpressed.

by STAFF REPORTER
5 Feb 2014 | 3107 views
 

Guess where cash-rich shoppers splurged their money over CNY period

Guess where cash-rich shoppers splurged their money over CNY period

Shop 'til you get tracked.

by STAFF REPORTER
14 Feb 2014 | 3089 views

Singapore Wine Vault's $200m facility slated to launch in 3Q

Singapore Wine Vault\'s $200m facility slated to launch in 3Q

It can house over 10 million bottles.

by STAFF REPORTER
5 Mar 2014 | 2863 views
 

How disappointing were the January home sales, really?

How disappointing were the January home sales, really?

Analysts are still keeping their hopes up for next month.

by STAFF REPORTER
19 Feb 2014 | 2514 views

Find out how this startup plans to beat Singapore’s skyrocketing car prices

Find out how this startup plans to beat Singapore’s skyrocketing car prices

It’s speeding up its Asian expansion.

by STAFF REPORTER
5 Mar 2014 | 2205 views
 

SingTel, StarHub stuck in a tight tug-of-war over 2014 World Cup broadcast rights

SingTel, StarHub stuck in a tight tug-of-war over 2014 World Cup broadcast rights

Negotiations are challenging, said StarHub.

by STAFF REPORTER
17 Feb 2014 | 1987 views

Buckle up: Car sharing firms gain ground in Singapore

Buckle up: Car sharing firms gain ground in Singapore

Should car retailers be scared?

by CARMINA JARIEL
10 Feb 2014 | 1872 views
 

Singapore is world's most expensive city—but only for expats

Singapore is world\'s most expensive city—but only for expats

Is The Lion City still affordable to ordinary Singaporeans?

by STAFF REPORTER
6 Mar 2014 | 1835 views

Singapore hoteliers saw flat Chinese New Year

Singapore hoteliers saw flat Chinese New Year

Business was challenging, they said.

by STAFF REPORTER
5 Feb 2014 | 1681 views
 

Singaporeans mine gold in ‘second hand economy’ amidst skyrocketing cost of living

Singaporeans mine gold in ‘second hand economy’ amidst skyrocketing cost of living

8 in 10 Singaporeans admit to purchasing pre-owned goods.

by CARMINA JARIEL
28 Mar 2014 | 1556 views

What does Singapore's 6.2% industrial production growth imply for the rest of 2014?

What does Singapore\'s 6.2% industrial production growth imply for the rest of 2014?

Analysts are delighted by it.

by STAFF REPORTER
29 Jan 2014 | 1396 views
 

How a horrible renovation experience inspired Kluje to build a home renovation empire

How a horrible renovation experience inspired Kluje to build a home renovation empire

Over 400 accounts created in its first 2 months.

by CARMINA JARIEL
5 Feb 2014 | 1339 views

Will Singapore banks break hearts with bad results on Valentine's Day?

Will Singapore banks break hearts with bad results on Valentine\'s Day?

Especially with the easing of debt servicing burden.

by STAFF REPORTER
12 Feb 2014 | 1303 views
 

See how Zalora's 24-hour online ad campaign boosts Singapore's music scene

See how Zalora\'s 24-hour online ad campaign boosts Singapore\'s music scene

It collaborated with local singer-songwriters.

by STAFF REPORTER
22 Jan 2014 | 1275 views

See how this startup lets you create free listings in less than 30 seconds

See how this startup lets you create free listings in less than 30 seconds

Forget about Craiglist or Gumtree.

by STAFF REPORTER
19 Feb 2014 | 1169 views
 

Self-storage firms find silver lining in Singapore's space crisis

Self-storage firms find silver lining in Singapore\'s space crisis

Less space, more money.

by CARMINA JARIEL
19 Feb 2014 | 1091 views

Find out how Paktor helps you find 'the one' in just 15 seconds

Find out how Paktor helps you find \'the one\' in just 15 seconds

Yes, Valentine's Day came early.

by STAFF REPORTER
28 Jan 2014 | 1069 views
 

Singapore's most followed Google+ personality joins local startup

Singapore\'s most followed Google+ personality joins local startup

Check out how "SuperMommy" plans to take Tickled Media into another level.

by KRISANA GALLEZO
3 Apr 2014 | 1061 views
close Don't Show Again

STAY INFORMED! Get our free weekly newsletter