Singapore accounts for around 10% of CIMB Group’s total business, and this proportion, while not the largest market for the bank, is set to grow even bigger in the coming five, six years, due to its key role as a financial centre within the region.
“[Singapore has] clearly been a very successful wealth centre, and we have also been beneficiaries of that,” says group CEO Novan Amirudin, who calls the city-state an “extremely important” market. “We do have a private banking business in Singapore where we have established a Malaysia-Singapore corridor as well as a Singapore-Indonesia corridor for our clients in each respective market to also open accounts in Singapore.”
