CIMB Launches Its Banking Presence in the Philippines
MANILA, PHILIPPINES: CIMB today announced the formal launch of its banking presence in the Philippines. Its flagship presence, CIMB Bank Philippines Inc. (“CIMB Philippines” or “the Bank”) aspires to be the nation’s first all-digital and mobile-first bank, promising to make banking simpler, more convenient, and truly hassle-free.
The launch event today was held at the Manila House Private Members Club in Bonifacio Global City, Taguig, and it was graced by BSP Deputy Governor, Chuchi G. Fonacier, and CIMB Group Chairman, Datuk Mohd Nasir Ahmad.
At the launch, Effendy Shahul Hamid, CEO of Group Ventures and Partnerships, CIMB Group said, “We are extremely pleased to begin serving customers in the Philippines. This completes CIMB’s operating footprint in ASEAN and we look forward to bringing a truly differentiated and digital proposition to the market. Internet and mobile penetration in the Philippines remains one of the highest in the world, a clear sign of the progressive and modern society we hope to serve.”
Vijay Manoharan, CEO of CIMB Philippines, shared details on how CIMB Philippines aims to provide a new banking experience for Filipinos. “Consumers of today and tomorrow need innovative financial solutions that are relevant to their needs as well as help them get ahead and advance their financial well-being, but they don’t necessarily need a physical bank. By offering most of our products via the OCTO app securely, we are offering the next-level any day, any time convenience for our customers by enabling them to effectively ‘carry’ our bank branch in the palm of their hands.”
CIMB Philippines’ partners include 7-Eleven and DragonPay, with a total of 8,000 convenient customer touchpoints nationwide. The CIMB Bank VISA-powered Debit Card is accepted at any of the 20,000 Bancnet, VISA, and VISA Plus Automatic Teller Machine (“ATM”s) nationwide and two million VISA and VISA Plus ATMs worldwide.
To cater to those who want to really start preparing for what’s ahead and save for the future, CIMB Bank offers the UpSave Account, which allows greater savings with its high interest rate of 2% per annum (8x higher than other banks). CIMB Philippines’ retail banking convenience is powered by the OCTO app, which can be downloaded from the Apple App store or Google Play. To learn more, visit www.cimbbank.com.ph or like our Facebook page, www.facebook.com/CIMBBankPH and follow @CIMBBankPH on Instagram.
In conjunction with the launch of CIMB Philippines, CIMB also announced that it had received regulatory approval from the Securities and Exchange Commission of the Philippines for its investment banking joint-venture in the country, CIMB Bancom Capital Corporation (“CIMB Bancom”). On this, Shahul Hamid said, “We’re also fortunate to be able to announce the formalization of our investment banking joint venture, CIMB Bancom, that will look to deliver value added advisory and cross-border capital market services to Philippine corporates looking to expand and grow across ASEAN, as well as capitalize on CIMB’s strong presence in the region to originate inbound deals to the Philippines.”
Datuk Mohd Nasir Ahmad, Chairman, CIMB Group (centre left) and Chuchi G. Fonacier, Deputy Governor, Bangko Sentral ng Pilipinas (BSP, centre right); with (from L-R), Paolo Azurin, CEO, CIMB Bancom Capital Corp; Gurdip Singh, Group Chief Strategy and Design Officer, CIMB Group; Effendy Shahul Hamid, CEO, Group Ventures and Partnerships, CIMB Group; and Vijay Manoharan, CEO, CIMB Philippines, after the announcement of the formal launch of CIMB’s banking presence in the Philippines in Manila today. CIMB Philippines aspires to be the nation’s first all-digital and mobile-first bank, promising to make banking simpler, more convenient, and truly hassle-free.