Key team members: Kwan Keen Yew, Norazimah Aznam Hashim and Adelene Teo
Major legal advisers: Baker McKenzie (Emmanuel Hadjidakis) & Rahmat Lim & Partners (Azman bin Othman Luk)

Norazimah Aznam Hashim and her legal team have been involved in and undertaken a number of significant cases and projects within the realms of corporate and commercial banking. The first of which involved syndicated financing for Battersea group of companies.

In 2012, CIMB Corporate Banking entered the London market to support a government-to-government project involving the acquisition of Battersea Power Station. We provided approximately £518M in financing for both land and development loans (Phase 1 to Phase 3). Additionally, we served as Joint Lead Manager and Arranger for syndicated financing and remained the Account Bank for the entire Battersea group’s CASA balance.

Our dedicated team successfully closed the deal in just around two months, thanks to strong relentless collaboration between CIMB’s internal teams, including our legal department led by Norazimah, and business units. Despite time zone differences, all parties worked closely to achieve financial close and disbursement within just over a month from approval.

We are proud of our role in structuring the financing and security arrangements, preparing necessary documents, coordinating syndication efforts, participating in meetings with the Battersea team, and negotiating syndicated financing agreements.

Another significant project that the team was involved in was “Project Solo and Empire” which involved bilateral property financing in the United Kingdom. Solo involved a substantial financing of £134,400,000 distributed among multiple entities. On the other hand, Empire was a £134,568,000 facility granted to two joint borrowers for the specific purpose of redeeming six properties located in different parts of the United Kingdom. Notably, Norazimah and Adelene played pivotal roles in leading discussions and negotiations regarding the financing and security structure with our clients prior to the engagement of external lawyers. Their involvement included reviewing all financing documents and providing legal guidance on various aspects of the transactions. This contribution further enabled the bank to cross-sell treasury-related products effectively.

Moving onto the team’s commercial banking transactions, as part of its efforts to spur the growth of small and medium-sized enterprises (SMEs) by providing a range of products, including SME InstaBiz Financing, SME Quick Biz Financing/-i, SME Biz Property Financing/-i, and SME Renewable Energy Financing/-i Schemes. The legal team that has played a crucial role in the success of these programs is led by Norazimah. Alongside her team of experienced senior counsels, they have worked closely with the business units on a couple of significant projects.

On July 27, 2023, we launched our SME Sustainability-Linked Financing (“SME SLF”). This initiative represents a strong partnership between CIMB Bank’s Commercial Banking division and the Malaysia Green Technology and Climate Change Centre (“MGTC”). MGTC, as the agency of the Ministry of Natural Resources, Environment, and Climate Change, has been entrusted with the responsibility of leading Malaysia in the areas of Green Growth, Climate Change Mitigation, and Green Lifestyle.

The transaction documentation included a series of negotiations and the finalisation of a memorandum of cooperation (MOC). This MOC aimed to facilitate the exploration of potential sustainability projects while capitalising on each party’s respective competencies and expertise. Furthermore, it included the establishment of sustainability-linked terms for potential green financing. The MOC embodies CIMB’s dedication to encouraging our SME customers to adopt MGTC’s Low Carbon Operating System (LCOS), which is a cloud-based carbon management platform designed for Commercial Banking’s SME customers. This enables them to easily measure and manage their greenhouse gas emissions. In return for their commitment to LCOS, MGTC will provide data verification within the LCOS system, which will be used to assess the achievement of Sustainability Performance Targets and determine eligibility for rebates under the SME Sustainability-Linked Financing program. This collaborative effort exemplifies our commitment to promoting sustainability and incentivising SMEs to reduce their carbon footprint.
Thanks to the legal department’s strong collaboration with stakeholders, preparation of documentation, and expedient resolution of legal matters, the bank has been able to swiftly launch the SLF program. Additionally, we have been able to assist our clients in tracking their performance targets as required under the financing provided by the bank.

Inflation, recessionary fears, and rising interest rates seem to be the running themes found in the business outlook of small and medium enterprises (SMEs) for the near and long term. Against such a challenging backdrop, SMEs must adopt new strategies and technologies, such as integrating sustainability and digital transformation initiatives into their business operations. SMEs have been progressing in the green economy, digital economy, circular economy, and the fourth industrial revolution (IR 4.0) to different extents. Many have created strong online platforms, eCommerce websites, and mobile apps to broaden their market presence. These digital tools proved particularly essential during the COVID-19 pandemic when virtual connectivity was of paramount importance.

As part of its SME initiatives, CIMB through SME Banking can assist SMEs in embracing and implementing the National Policy on Industry 4.0. Norazimah and her team provide guidance and render template documents for collaboration with CIMB Smart Partners, who offer digital and automation solutions. These CIMB Smart Partners can then recommend their SME clients to CIMB for potential financing under regulatory schemes like the Automation and Digitalising Facility, High Tech and Green Facility, and Low Carbon Transition Facility.

In short, these “win-win” initiatives allow SMEs to adopt automation and digitalisation into their daily business operations.