CIMB Bank of Malaysia 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. The bank’s 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. CIMB Bank is the first Malaysian banking group to be granted the approval, allowing the entry of foreign banks into the Philippines through the establishment of wholly-owned operations with full banking authority.
