CIMB expects to start Philippines ops by H2 2107
Commerce International Merchant Bankers (CIMB) expects to begin operations in the Philippines by H2 2017, according to CEO Tengku Datuk Seri Zafrul Aziz. Currently awaiting regulatory approval, CIMB’s focus in the Philippines will be digital banking as it partners with the Philippine Long Distance Telephone Company to develop services in online banking.

CIMB Group Holdings Bhd expects to kick off operations in the Philippines, the market that will complete its Asean footprint, by the second half of next year.

Chief executive officer Tengku Datuk Seri Zafrul Aziz says the banking group has submitted its proposal to start a branch there and is awaiting regulatory approval.