KUALA LUMPUR, Malaysia--CIMB Group Holdings Bhd. (1023.KU), Malaysia's second-largest bank by assets, said Thursday that it has received approval from the Monetary Board of the Bangko Sentral ng Pilipinas to operate a branch in the Philippines.
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The first retail branch is expected to be fully operational by the fourth quarter of 2018, CIMB said.
"The awaited missing link to complete CIMB's ASEAN-10 footprint has now materialized," its group Chief Executive Zafrul Aziz said, referring to the Association of Southeast Asian Nations. "This will further propel CIMB into becoming the leading ASEAN universal bank, which will further strengthen our value proposition to customers."
CIMB, Southeast Asia's fifth-largest lender by assets, has direct presence in almost all the countries in Southeast Asia except the Philippines. Shares of CIMB ended Thursday 1.3% lower at MYR5.92 per share before the announcement.
(END) Dow Jones Newswires
November 16, 2017 06:53 ET (11:53 GMT)