CIMB Philippines inks deal with Ant Financial's unit to create, market financial products in Philippines

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KUALA LUMPUR (Aug 24): CIMB Group Holdings Bhd said CIMB Bank Philippines (CIMB Philippines) today signed a Memorandum of Agreement with G-Xchange, Inc (GXI) to create and market innovative financial products on GXI’s digital platform in the Philippines.

CIMB said in a stock exchange filing that the MoA will be effective for three years from today.

CIMB Philippines is a foreign bank branch of CIMB Bank Bhd, a 99.99% subsidiary of CIMB Group Sdn Bhd, which in turn is a wholly-owned subsidiary of CIMB Group Holdings.

GXI, meanwhile, is a wholly-owned subsidiary of Globe Fintech Innovations, Inc (Mynt), which is in turn owned by Ant Financial, Ayala Corporation and Globe Telecom.

Shares of CIMB closed higher by four sen or 0.67% at RM5.98 with 8.52 million shares traded, bringing it a market capitalisation of RM56.01 billion.