CIMB receives approval to operate a bank branch in the Philippines
Complete ASEAN footprint strengthens Group’s regional customer value proposition
Kuala Lumpur: CIMB Group (“CIMB” or “the Group") today announced that its subsidiary, CIMB Bank Berhad (“CIMB Bank”), has received approval from the Monetary Board of the Bangko Sentral ng Pilipinas to operate a branch in the Republic of the Philippines. The first retail branch 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 BSP’s approval to operate under Republic Act No. 10641, 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, Group Chief Executive, CIMB Group 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 materialized. This will further propel CIMB into becoming the leading ASEAN universal bank, which will further strengthen our value proposition to customers.”
“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,” added Tengku Zafrul.