CIMB Group opens first retail branch in the Philippines
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CIMB Group is opening up its first retail brands in the Republic of the Philippines. The branch is expected to be fully operational by the fourth quarter of 2018.
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.
Questions & Answers
Q.When is CIMB Group's first retail branch in the Philippines expected to open fully?
When is CIMB Group's first retail branch in the Philippines expected to open fully?
The branch is anticipated to be fully operational by the fourth quarter of 2018. This marks CIMB Group's initial retail presence in the Republic of the Philippines.
Q.What is significant about CIMB Bank's approval to operate in the Philippines?
What is significant about CIMB Bank's approval to operate in the Philippines?
CIMB Bank is the first Malaysian banking group to gain BSP's approval under Republic Act No. 10641. This act permits foreign banks to establish wholly-owned operations with full banking authority.
Q.Why does CIMB Group see the Philippines as a good opportunity?
Why does CIMB Group see the Philippines as a good opportunity?
The Philippines offers attractive demographics, progressive regulation, and relatively lower banking penetration. CIMB also noted the good talent available within the country.