CIMB Bank Philippines Inc. Consumer Banking head Lester Cruz
MANILA – Officials of CIMB Bank Philippines Inc. are confident of replicating their feat within the first year of operations in the country of attracting about two million customers as of February this year, and hitting about four million by end-2020.
“We will work for three million but will challenge ourselves to go for four million,” CIMB Bank Philippines Inc. Consumer Banking head Lester Cruz said in a briefing Monday.
The bank started operations in April 2019.
CIMB Bank Philippines Inc. Chief Executive Officer (CEO) Vijay Manoharan said about 70 percent of their current customers have bank accounts with other banks, while 30 percent of them are first-time account holders.
He said their customers who are first-time bank account holders are mostly young and tech-savvy who wanted to take advantage of CIMB Bank Philippines Inc.’s all-digital and mobile-first service.
Manoharan said although they operate on digital format, clients are assured of data security because the bank’s mobile application has different security characteristics than regular websites.
The bank currently offers deposit accounts without initial deposit and minimum balance requirements that have an annual interest rate of four percent, and has free life insurance coverage of up to PHP2 million for those with a minimum average balance of PHP100,000.
It also offers personal loans from PHP30,000 up to PHP1 million that are payable within 12 to 60 months.
Monoharan said they target to offer small and medium enterprises (SME) loans within the year, but declined to give specifics aside from this will be offered with a partner institution.
He said SME loans will not contribute significantly to their business this year “but we may surprise ourselves.”
“We will do something that will be scalable,” he added. (PNA)
