KUALA LUMPUR, Jan 29 — CIMB today announced the formal launch of its banking presence in the Philippines, CIMB Bank Philippines Inc (CIMB Philippines).

In a statement, CIMB Group chief executive officer of Group Ventures and Partnerships, Effendy Shahul Hamid said this would complete CIMB’s operating footprint in Asean.

"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,” he added.

In conjunction with the launch of CIMB Philippines, CIMB also announced that it had received regulatory approval from the Securities and Exchange Commission of the Philippines for its investment banking joint-venture in the country, CIMB Bancom Capital Corporation. — Bernama