CIMB receives approval to open Philippines branch
CIMB Group on Wednesday announced that its subsidiary, CIMB Bank, has received approval from the Monetary Board of the Philippines’ central bank to operate a branch in the Philippines. The first retail branch is expected to be fully operational by the fourth quarter of 2018.
Following banking sector liberalisation in 2014, CIMB Bank is the first Malaysian banking group to be granted the BSP’s approval to operate under an act that allows the entry of foreign banks into the Philippines through the establishment of wholly-owned operations with full banking authority.
Tengku Dato’ Sri Zafrul Aziz, CIMB group chief executive, said: “We are delighted to have received the green light from the Bangko Sentral ng Pilipinas. The awaited missing link to complete CIMB’s ASEAN-10 footprint has now materialised.
“This will further propel CIMB into becoming the leading Asean universal bank, which will further strengthen our value proposition to customers.”
CIMB Group is Malaysia’s second largest financial services. Headquartered in Kuala Lumpur, the group is now present in nine out of 10 ASEAN nations: Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar and Laos. Beyond Asean, CIMB has market presence in China, Hong Kong, India, Sri Lanka, Korea, the US and UK.
