Wolters Kluwer, a global leader in professional information, software solutions and services, announced the successful implementation and go‑live of CCH^® Tagetik Financial Close and Consolidation at Banyan Group. Banyan Group is one of the world’s leading independent, multi‑branded hospitality groups operating a diversified portfolio of hotels, resorts, spas, galleries, golf, and branded residences through 12 global brands across 23 countries.

The implementation marks a key milestone in Banyan Group’s finance transformation journey, modernizing its consolidation environment and establishing a scalable, cloud‑based foundation for statutory reporting across a highly complex global organization. By replacing a legacy consolidation system with CCH Tagetik, Banyan Group has significantly accelerated its group close while strengthening governance, auditability and data accuracy across the enterprise.

Meeting the challenges of multi‑GAAP, multi‑entity consolidation in a global hospitality group

With operations spanning more than 80 legal entities across 23 countries, Banyan Group operates a complex legal and financial structure. Listed on the Singapore Exchange, with a subgroup listed in Thailand, the Group is required to meet multiple regulatory and accounting standards, including Singapore GAAP and Thai GAAP, alongside multi‑currency and multi‑segment reporting.

As the organization expanded, its legacy consolidation platform became increasingly difficult to maintain. Manual processes, limited flexibility and heavy dependence on IT support constrained the finance team’s ability to respond efficiently to growing reporting demands.

To address these challenges, Banyan Group partnered with Wolters Kluwer to implement CCH Tagetik, to deliver a modern, cloud‑based consolidation platform designed to support complex group structures and future transformation initiatives.

“Banyan Group operates one of the most complex consolidation environments in the hospitality sector, with multi-GAAP requirements, multiple listings and a highly distributed global footprint,” said Kumiko Minowa, APJ Managing Director, CCH Tagetik at Wolters Kluwer. “CCH Tagetik enables finance teams to simplify that complexity, accelerate close cycles and build a trusted data foundation for long-term transformation.”

By implementing CCH Tagetik, Banyan Group has realized clear operational and governance benefits, most notably a financial close that is approximately five working days faster, with the potential to reach up to eight days as further optimizations are introduced.

Additional benefits include:

• Faster, more accurate consolidated reporting across 80+ entities
• Stronger data governance and internal controls
• Fewer audit issues due to improved structure and traceability
• Seamless support for multi‑GAAP and multi‑currency requirements

“Our previous consolidation system had become legacy, outdated and difficult to maintain,” said Kelvin Tan, Head of Corporate Finance at Banyan Group. “We wanted to move to a cloud‑based, future‑proof solution that users could manage more independently, without heavy IT support. Since going live with CCH Tagetik, we’ve accelerated our close by about five working days.”

Beyond close and consolidation, the CCH Tagetik platform provides Banyan Group with a scalable foundation to support future initiatives, including budgeting and planning, intelligent disclosure, and ESG reporting. Wolters Kluwer’s continued investment in innovation ensures the platform will evolve alongside Banyan Group’s regulatory, operational and sustainability requirements.