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Malaysia’s CIMB expands banking business in Philippines
MANILA, Philippines — Malaysia’s second largest financial services provider CIMB Group is dipping its hands in the investment banking business after formally launching its banking presence in the Philippines to complete its footprint in Southeast Asia.
Effendy Shahul Hamid, chief executive officer of Group Ventures and Partnerships of the CIMB Group, said the Kuala Lumpur-based firm yesterday announced it received the green light from the Securities and Exchange Commission (SEC) for its investment banking joint venture called CIMB Bancom Capital Corp.
“We’re also fortunate to be able to announce the formalization of our investment banking joint venture, CIMB Bancom, that will look to deliver value added advisory and cross-border capital market services to Philippine corporates looking to expand and grow across ASEAN, as well as capitalize on CIMB’s strong presence in the region to originate inbound deals to the Philippines,” Effendy said.
CIMB Bancom – jointly owned by CIMB Group Sdn Bhd, Bancom II Consultants Inc., and PLP Group Holdings Inc. – is set to carry out investment banking business in the Philippines.
CIMB recently launched its flagship presence in the country through CIMB Bank Philippines Inc., headquartered in Bonifacio Global City. The bank is aspiring to be the country’s first all-digital and mobile-first bank, promising to make banking simpler, more convenient, and truly hassle-free.
CIMB Philippines offers 24/7 safe and secure banking with their seamless account opening in 10 minutes, the best in market rates, no initial deposit or maintaining balance requirements, convenient deposit and withdrawal locations, and zero transaction fees, all done through OCTO by CIMB Bank mobile app.
“This completes CIMB’s operating footprint in ASEAN and we look forward to bringing a truly differentiated and digital proposition to the market. Internet and mobile penetration in the Philippines remains one of the highest in the world, a clear sign of the progressive and modern society we hope to serve,” Effendy said.
CIMB Philippines CEO Vijay Manoharan said the bank aims to provide a new banking experience for Filipinos.
“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 don’t necessarily need a physical bank. By offering most of our products via the OCTO app securely, 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,” he said.
CIMB Philippines’ 8,000 merchant partners include 7-Eleven and DragonPay, both known for their convenient deposit, withdrawal, and payments touchpoints. The CIMB Bank VISA-powered debit card are accepted at any of the 20,000 Bancnet, VISA, and VISA Plus ATMs nationwide and two million VISA and VISA Plus ATMs worldwide.
Source: https://www.philstar.com/business/2019/01/30/1889190/malaysias-cimb-expands-banking-business-philippines#mqc8WUYDwev7ykBR.99