Do you ever feel intrigued by how a prestigious and world-famous bank came to be? Or how amid an exceptionally high-standard industry, providing personal loans from specific banks rise among their competitors? Well, buckle up as you embark on the thrilling journey to CIMB Bank Singapore of its history of surprising triumphs!
CIMB Bank is one of Southeast Asia’s leading and most recognised banking institutions. Today, you’ll uncover seven surprising facts and triumphs, leaving you beyond amazed!
From Bian Chiang Bank to CIMB Bank Singapore
The towering presence of CIMB Bank Singapore is completely undeniable today. But would you believe that its establishment came from humble beginnings? The journey of CIMB Bank was born in a modest office in Kuala Lumpur, Malaysia.
Yes! You read that right! It happened way back in 1924. The bank had a founding name Bian Chiang Bank. It’s a considerably small-scale venture.
Back then, its primary focus was on moneylending and issuing bills of exchange. However, with CIMB’s ambition, persistence, and ceaseless innovation, it became the multinational banking giant it is today.
CIMB’s early history key moments include:
- 1924: Establishment of Bian Chiang Bank by Wee Kheng Chiang in Kuching, Sarawak, Malaysia
- 1979: The Bian Chiang Bank was then renamed the Bank of Commerce Bhd
- 1986: The Bank of Commerce then replaced the Bank Pertanian as the head and controlling shareholder of the Pertanian Baring Sanwa Multinatioa, and a name change occurred to the Commerce International Merchant Banks Hbd (CIMB)
CIMB Bank Singapore’s Story of Expansion
How did a small and modest bank from Malaysia make its way to the glorious Lion City? It’s among the most asked questions about CIMB’s journey of surprising triumphs.
It” s all thanks to the bank’s brilliant strategic expansion plan. Such a particular approach lead to the establishment of the CIMB Bank Berhad, Singapore Branch,
It was in the 2000s when CIMB Bank Singapore initiated their plan to expand its financial institution. CIMB did it by acquiring other banking businesses or becoming among the banks’ major shareholders.
By continuing such expansion strategies, CIMB Bank has a robust and prestigious network of 171 branches across ASEAN. It proves that no boundaries exist with a clear vision, determined spirit, and consistent perseverance to succeed.
CIMB’s expansion key milestones comprise:
- 2004: CIMB Bhd acquires 70% of the Commerce Asset Fund Managers Sdn Bhd and Commerce Trust Bhd from Commerce-Assets Holdings Bhd. The acquisition formally led to CIMB-Principal Asset Management Bhd, which associates a joint venture with the Principal Group of USA.
- 2005: CIMB acquires the G K Goh Securities Pte Ltd
- 2005: CIMB acquires Bumiputra-Commerce Group
- 2006: The launching of the CIMB group was a success as a Regional Universal Bank
CIMB Bank Bridging ASEAN Markets
Another significant and surprising aspect of CIMB Banking Singapore’s triumphant history is its pioneering vision of connecting ASEAN markets successfully. The bank’s vision has always been to bridge gaps between Southeast Asian economies, enable seamless transactions, and foster progressive growth across mixed borders.
CIMB’s unique vision propelled the bank as among the leading ASEAN banks and continues to be a living testament to having the power of foresight and strategic planning.
The vision reflects on:
- CIMB’s ASEAN industry standard:
The operations focus on the design of taking full advantage of the economic potential within the ASEAN region.
- CIMB’s prominent ASEAN presence:
CIMB has a powerful presence in many ASEAN countries, including Malaysia, Thailand, Indonesia, Vietnam, and Singapore.
Digital Banking Advocacy
Indeed, CIMB Bank Singapore isn’t a stranger to the digital banking world. The bank is among the trailblazers in the field, primarily focusing on assisting SMEs in Singapore.
With its digital banking services launching in 2020, it was noticeable that CIMB set the pace for the region’s best digital banking revolution.
CIMB digital banking offers well-rounded and comprehensive financial services to suit one’s financial needs and assistance that’s accessible at the tip of your fingers. Acquire excellent digital banking services without long queues or complex paperwork.
Significant digital initiatives of CIMB include:
- 2020: CIMB launching an all-digital bank
- Ongoing: Development of comprehensive suites of digital financial services to meet the customer’s demands.
CIMB Bank Singapore Embraces Sustainability
You know you’re in good hands when the bank you’re working with has sincere commitments to sustainability. It also means the bank adopts various initiatives to reduce its carbon footprint, promotes green financing, and contributes significantly to a sustainable economy.
It is another prime commitment of CIMB Bank that exemplifies its actual goals to show leadership in banking and environmental stewardship.
Critical initiatives on CIMB Banks’ sustainability goals include:
- CIMB’s Sustainability Strategy:
It’s the bank’s thorough and extensive approach to environmental, social, and governance (ESG) concerns.
- CIMB participates in green initiatives:
CIMB Bank is among the signatories under the United Nations Principles urging Responsible Banking and the Equator Principles. It indicates its genuine commitment and dedication to sustainable banking to its client.
Over the years, CIMB Bank Singapore has strived toward excellence and growth. With such consistency, it didn’t take long before CIMB Bank’s legacy gained numerous awards and accolades. All of this recognition was a reflection towards the bank’s top-notch services, and customer satisfaction, with impressive and innovative banking solutions.
Some of CIMB Banks’ notable awards include:
- 2018: The Asian Banker’s “Best Retail Bank in Singapore”
- 2020: The Asian Banking and Finance Retail Banking Awards the “Digital Banking Initiative of the Year.”
CIMB Bank Singapore’s A Guardian of Personal Finance
From its establishment in the banking industry, CIMB Bank Singapore has become among the most trusted providers in the ASEAN market—the recognition for its many banking services, such as personal loans.
The bank ensures all clients can access the best banking assistance, offering loans with competitive interest rates, an easy application process, and flexible repayment terms.
CIMB loan offerings incorporate the following:
- Personal Loan
- CIMB CashLite
- CIMB Balance Transfer
- CIMB Green Renovation
- The CIMB Education Loan
CIMB Bank Singapore: The Saga Continues
As you delve deeper into CIMB Bank Singapore’s history, it’s clear that its journey represents the relentless pursuit of progress, adaptation, and client satisfaction. The bank commits and dedicates its efforts to digital banking, regional economic integration, and sustainability.
Whether you’re considering opening a new account, applying for a personal loan, or investing for your future, remember you’re not only having a business transaction with a bank but becoming part of the rich financing history and promising future.
If your account with CIMB Bank Singapore encounters a problem and needs immediate financial assistance, you may turn to Accredit – a licensed moneylender in Singapore. It shares significant commonalities with CIMB Bank, mainly when offering personal loans. You can also expect further vital similarities, such as transparency, easy accessibility, reputation, and customer-centric approach.
Do you want to leap to a better financial future? Embrace the financial journey and assistance with CIMB Bank Singapore or Accredit, and let your triumphant story unfold!