CIMB Singapore and Frasers Property Sign Five-Year Deal to Support Over 2,000 Tenants Across 12 Malls
CIMB Singapore and Frasers Property have entered into a five-year strategic partnership to provide financial assistance to more than 2,000 retail tenants across 12 malls.
The partnership aims to achieve nearly $3.7 million in savings for 500 SMEs within the first two years, according to the parties involved.
The support package includes access to exclusive financial solutions with preferential rates, free account setups, and complimentary payment terminals for participating retailers, among other benefits.
CIMB projects first-year savings of up to $7,360 and subsequent annual savings of up to $6,360 for the tenants.
"SMEs are the cornerstone of Singapore’s economy, and their development is crucial for driving innovation and resilience," stated Benjamin Tan, Head of Commercial and Transaction Banking at CIMB Singapore.
"Through our collaboration with Frasers Property, we leverage real insights from retail spending to create more agile, tailored solutions for our clients. This allows us to offer exclusive benefits to Frasers Property’s retail tenants, many of whom are SMEs,” Tan added.
Adrian Tan, Managing Director, Retail, at Frasers Property Singapore, emphasized the company's dedication to fostering a vibrant retail ecosystem that ensures tenants' long-term success.
"As the largest suburban mall owner in Singapore, with a network of over 2,000 tenants, our partnership with CIMB Singapore will provide significant value to SMEs through customized financial solutions,” Adrian Tan noted.
Shares in Frasers Property rose by 2 cents, or 1.98%, to close at $1.03 on November 10.
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