KUALA LUMPUR: CIMB Bank Bhd has received approval from the Monetary Board of the Bangko Sentral ng Pilipinas to operate a branch in the Philippines.
CIMB said the first retail branch is expected to be fully operational by the fourth quarter of 2018.
CIMB Group chief executive Tengku Datuk Seri Zafrul Aziz said the approval would further propel CIMB into becoming the leading Asean universal bank, which will strengthen its value proposition to customers.
In a statement released today, 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 said.
CIMB Bank is the first Malaysian banking group to be granted the central bank’s approval, allowing the entry of foreign banks into the Philippines through the establishment of wholly-owned operations with full banking authority.