The expansion plan in Southeast Asia is complete.
Malaysia’s CIMB Bank Berhad has secured the approval from the Bangko Sentral ng Pilipinas to operate a branch in Manila, its parent firm CIMB Group said in a disclosure.
The bank made the formal announcement on Nov. 16, and expects the first retail branch in the Philippines to be “fully operational” within the fourth quarter of 2018.
This step completes CIMB’s aggressive expansion across the Association of Southeast Asian Nations (ASEAN).
“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,” CIMB Group chief executive Tengku Dato? Sri Zafrul Aziz said in the statement.