Complete ASEAN footprint strengthens Group’s regional customer value proposition

KUALA LUMPUR, Nov 17 (Bernama) -- CIMB Group (“CIMB” or “the Group") on 16 November 2017 has 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.“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.

About CIMB Group

CIMB Group is Malaysia’s second largest financial services provider and one of ASEAN’s leading universal banking groups. It offers consumer banking, investment banking, Islamic banking, asset management and insurance products and services. Headquartered in Kuala Lumpur, the Group is now present in nine out of 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar and Laos). Beyond ASEAN, the Group has market presence in China, Hong Kong, India, Sri Lanka, Korea, the US and UK.

CIMB Group has the most extensive retail branch network in ASEAN of around 900 branches as at 30 September 2017. CIMB Group’s investment banking arm is also one of the largest Asia Pacific-based investment banks, offering amongst the most comprehensive research coverage of more than 1000 stocks in the region.

CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.1% shareholder of CIMB Thai in Thailand.

CIMB Group is listed on Bursa Malaysia via CIMB Group Holdings Berhad. It had a market capitalisation of approximately RM57.0 billion as at 30 September 2017. The Group has 38,000 employees located in 15 countries.

SOURCE : CIMB Group

FOR MORE INFORMATION, PLEASE CONTACT: 
Name : Suria Zainal
Head - Group Corporate Communications
Group CEO’s Office
CIMB Group Holdings Berhad
Tel : Tel: +603 - 2261 0638
Email: suriawati.zainal@cimb.com

--BERNAMA