CIMB launches bank in Philippines

  • Banking
  • Wednesday, 30 Jan 2019

CIMB Group is the fifth largest banking group in Asean (by assets), with an extensive regional footprint and a commendable universal-banking franchise.

PETALING JAYA: CIMB has formally established its flagship banking presence in Philippines with CIMB Bank Philippines Inc.

CIMB Philippines aspires to be the nation’s first all-digital and mobile-first bank, with a promise to make banking simpler, more convenient and truly hassle-free.

At the launch, CIMB Group group ventures and partnerships CEO Effendy Shahul Hamid said the bank’s presence in Philippines completes CIMB’s operating footprint in Asean.

“Internet and mobile penetration in Philippines remains one of the highest in the world, a clear sign of the progressive and modern society we hope to serve.

“We look forward to bringing a truly differentiated and digital proposition to the market,” he said.

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 Corp (CIMB Bancom).

CIMB Bancom will look to deliver value added advisory and cross-border capital market services to Philippine corporates who are looking to expand and grow across Asean, as well as capitalise on CIMB’s strong presence in the region to originate inbound deals to the Philippines.

Going forward, CIMB Philippines aims to provide a new banking experience for Filipinos, by offering most of its products via the OCTO app securely.

CIMB Philippines CEO Vijay Manoharan said “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.

“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 do not necessarily need a physical bank.”

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Business , CIMB Philippines , CIMB , Philippines , OCTO


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