CIMB Eyes Expansion in Wealth and Treasury in Singapore
Momentum Builds as Malaysia's CIMB leverages Singapore’s role in ASEAN growth story.
CIMB Group, Malaysia’s second-largest lender, is setting its sights on Singapore as a critical growth engine in the coming years. Speaking at a media briefing on Monday in Kuala Lumpur, CIMB Group CEO Novan Amirudin projected a steady rise in Singapore’s contribution to the bank’s profits, highlighting the city-state’s stature as a key wealth and treasury hub in ASEAN.
According to «The Straits Times», Singapore already accounted for 14 percent of CIMB’s profit before tax in the first quarter of 2025, up from 11 percent in the same period the year before. «We envisage this percentage to grow over the next five to six years,» Amirudin said, citing the Republic’s rising importance within the regional financial landscape.
Singapore’s Dual Role
CIMB is capitalising on Singapore’s dual role as both a thriving private wealth centre and a treasury base for multinational and regional firms. «It’s clearly been a very successful wealth centre, and we have also been beneficiaries of that,» Amirudin remarked.
He emphasised that Singapore’s position as a treasury hub has made it indispensable for firms looking to manage cross-border liquidity and financial flows. «A lot of multinational companies or regional companies are using Singapore as their hub to manage treasuries,» he said.
Challenger Strategy Focused on Niche Segments
Rather than adopting a one-size-fits-all model, CIMB’s approach in Singapore is to act as a challenger bank focusing on select, high-potential segments. Victor Lee, CEO of CIMB Singapore and head of growth markets Thailand and Cambodia, explained: «We don’t bank with every segment of the population, but in the niches we choose to play in.»
One such niche is the Malaysian diaspora in Singapore. CIMB has made it easier for Malaysians living in the Republic to send money home, offering competitive exchange rates. This led to a sixfold increase in SGD-MYR transaction volumes and tripled the Malaysian customer base in Singapore between 2020 and 2024.
Products for Affluent Clients and SMEs
Bancassurance has emerged as another key pillar of CIMB’s Singapore strategy. The bank collaborates with seven major insurers to offer tailored products to affluent clients, particularly those focused on wealth preservation and legacy planning.
At the same time, the bank is aggressively expanding in personal loans and SME financing. In the first quarter of 2025, CIMB’s consumer loans in Singapore rose by 3.7 percent year-on-year, with targeted propositions and competitive offers fuelling demand.
Offering JS-SEZ Advisory Services
The bank is further positioning itself as a key banking and advisory partner for companies—particularly data centre operators—looking to scale within the Johor-Singapore Special Economic Zone (JS-SEZ).
«The largest sector that has been receiving a lot of foreign direct investment and a lot of mentions is the data centres,» Amirudin noted, adding that CIMB is actively involved in facilitating deals in this booming sector.
Strong Foothold, Ambitious Trajectory
CIMB, Southeast Asia’s fifth-largest banking group by assets, is clearly strengthening its foothold in Singapore. With rising profitability, targeted strategies for underserved segments, and an eye on sustainable and cross-border growth, the Malaysian bank is gearing up for a larger role in the region’s financial ecosystem.
And as «The Straits Times», concludes, CIMB’s momentum in Singapore may just be the start of a broader ASEAN growth story.
