CIMB gets nod to open branch in Philippines

PETALING JAYA: CIMB Group Holdings Bhd’s subsidiary CIMB Bank Bhd has received approval from the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) to operate a branch in the Philippines.

It said in a statement yesterday the first retail branch in the Philippines is expected to be fully operational by the fourth quarter of 2018.

Following the banking sector liberalisation in 2014, CIMB Bank is the first Malaysian banking group to be granted approval by the BSP to operate under Republic Act No. 10641, which allows the entry of foreign banks into the Philippines through the establishment of wholly owned operations with full banking authority.

CIMB Group chief executive Tengku Datuk Seri Zafrul Tengku Abdul Aziz said with the approval, the missing link to complete CIMB’s Asean-10 footprint has materialised.

“This will further propel CIMB into becoming the leading Asean universal bank, which will further strengthen our value proposition to customers,” he said.

“The Philippines offers tremendous opportunity with progressive regulation, attractive demographics, relatively lower banking penetration and good talent.

“Our strategy will see us applying the best of our digital assets from across the region as well as working with key strategic partners locally,” he added.

CIMB Group is Malaysia’s second largest financial services provider and is one of the leading universal banking groups in Asean that offers consumer, investment and Islamic banking, asset management, insurance products and services.