CIMB completes Asean expansion with Philippine digital bank

-A +A

MANILA (Jan 29): CIMB opens in the Philippines as an all-digital bank, the first of its kind for the group as it looks to expand in Southeast Asia without bloating costs.

* Philippines unit completes CIMB’s operating footprint in ASEAN, after opening in Vietnam in December, CEO for group ventures Effendy Shahul Hamid says

* CIMB Bank Philippines aims to gain 100,000 customers in its first year by targeting “unmet needs” of digital-savvy market, CEO Vijay Manoharan says

* Bank will operate an app, partner with convenience stores and digital payment platforms to reach customers nationwide

* Bank will “go head-to-head with some of the largest institutions” by competing in a “very niche” part of the market, Hamid says

* CIMB not looking at any M&As after scrapping plans to buy into Philippines’ Bank of Commerce in 2013