CIMB Singapore triumphs in multiple categories with innovative financial solutions

The bank took home awards for Singapore International Cash Management Bank of the Year, Singapore International SME Partnership Initiative Bank of the Year, Syndicated Loan of the Year -  Singapore and Innovative Deal of the Year - Singapore.

CIMB Singapore has garnered significant acclaim as it clinched awards across four categories in the Asian Banking & Finance Wholesale Banking Awards, underlining its unwavering commitment to innovation, excellence, and the promotion of sustainable financial solutions.

These prestigious accolades recognise CIMB's pivotal role as the Mandated Lead Arranger and Bookrunner in a significant financial transaction that involved OUE Commercial REIT Management Pte Ltd. (OUE C-REIT). These also underscore CIMB's expertise and its dedication to catering to the wide-ranging financial requirements of its valued clients.

Beyond Banking for SMEs

In the Cash Management Bank of the Year category, CIMB Singapore earned recognition for its innovative approach to Small and Medium-sized Enterprises (SMEs) banking. The bank introduced a fully automated online account opening process for SMEs, reducing the time and effort required for clients to open business accounts. This streamlined approach cut down the application form-filling process to just 15 minutes and significantly decreased the number of supporting documents required.

One of the key differentiators is that CIMB's Online Business Current Accounts (OBCA) online service is open to both Singapore and Malaysia-registered businesses, providing a competitive edge over local banks that typically cater to Singapore-registered businesses only.

The innovative features of this service attracted significant attention and witnessed a substantial increase in the number of business accounts opened, demonstrating CIMB's commitment to enhancing financial accessibility for SMEs.

In the Singapore International SME Partnership Initiative Bank of the Year category, CIMB Singapore unveiled its "Beyond Banking" programme, aimed at offering holistic solutions to SMEs. Recognising the evolving needs of SME clients, CIMB launched this initiative to fuel its growth with non-banking services, facilitating access to various solutions whilst minimising costs incurred.

The programme covers digital transformation support, healthcare benefits for employees, and Halal certification assistance, demonstrating CIMB's commitment to serving SMEs across multiple dimensions.

Facilitating Large Real Estate Transactions

In the Syndicated Loan of the Year -  Singapore category, CIMB Singapore played a crucial role as the mandated lead arranger and bookrunner in facilitating OUE C-REIT's unsecured sustainability-linked loan (SLL) of S$978m. This financial transaction marked a significant milestone, being the largest SLL in the Singapore real estate sector at the time of closing in August 2022.

The loan allowed OUE C-REIT to refinance existing secured borrowings and extend the average term of debt, substantially increasing the proportion of unsecured debt in their portfolio.

CIMB's active involvement in this deal underlines its dedication to pioneering financial transactions, supporting its clients in executing complex real estate transactions and achieving their financial objectives.

CIMB Singapore’s role in the OUE C-REIT SLL transaction also earned it the prestigious award in the category of Innovative Deal of the Year - Singapore. This accolade recognises the groundbreaking nature of the transaction, demonstrating CIMB's ability to orchestrate innovative and sustainable financial solutions.

CIMB Singapore’s remarkable achievements in these four diverse categories underscore its dedication to serving clients' ever-evolving financial needs with innovative solutions. From streamlining SME account opening processes to facilitating large transactions and pioneering sustainable financing, CIMB has demonstrated its multifaceted expertise and unwavering commitment to excellence.

The ABF Wholesale Banking Awards is presented by Asian Banking & Finance Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be recognised for your company's innovative solutions, products, services, and deals that impacted the banking and finance industry, please contact Julie Anne Nuñez at [email protected].