Peso power play: CIMB targets record 75 billion in loans for 2024

CIMB Bank Philippines, a subsidiary of Malaysia’s CIMB Group Holdings Bhd, announced an ambitious lending target of over 75 billion pesos (US$1.28 billion) to Filipino customers this year. This represents a 23% increase compared to 2023, according to the bank’s chief executive officer.

Chief Executive Officer Vijay Manoharan disclosed the bank’s plans during a press conference, stating that CIMB Bank Philippines aims to expand its customer base. The strategy includes reaching out to new client segments such as small businesses and overseas Filipino workers.

“We are committed to supporting the financial needs of Filipinos, especially those in underserved sectors like small enterprises and overseas workers.”

Manoharan further highlighted that the bank had achieved profitable operations last year, which sets a strong foundation for its growth ambitions.

The bank’s focus on small businesses and overseas Filipino workers aligns with its broader strategy to provide accessible financial services to various segments of the population. By targeting these groups, CIMB Bank Philippines aims to foster financial inclusion and drive economic growth, said Manoharan.

“Our goal is to make banking more inclusive and accessible to all Filipinos, regardless of their location or economic status.”

Financial support

The bank’s efforts are expected to contribute significantly to the local economy by providing much-needed financial support to small businesses and individuals working abroad.

CIMB Bank Philippines has been steadily increasing its presence in the country, leveraging digital banking services to attract a larger customer base. The bank’s digital platform has been instrumental in reaching underserved communities, offering them convenient and efficient banking solutions.

In addition to expanding its customer base, CIMB Bank Philippines plans to introduce new products and services tailored to the needs of small businesses and overseas Filipino workers. These offerings are expected to include specialised loan products, remittance services, and financial management tools designed to help clients manage their finances more effectively.

By focusing on these new segments, the bank aims to not only increase its lending portfolio but also enhance its overall service offerings. This approach is expected to drive customer loyalty and support the bank’s long-term growth objectives.

Manoharan expressed confidence in the bank’s ability to meet its ambitious lending target, citing the strong economic fundamentals of the Philippines and the growing demand for financial services. He also pointed to the bank’s robust digital infrastructure as a key enabler of its growth strategy.

“The Philippine economy is poised for growth, and we believe that our digital banking solutions will play a crucial role in supporting this development.”

Innovative banking

Manoharan emphasised that the bank’s digital-first approach would continue to be a cornerstone of its operations, allowing it to offer seamless and innovative banking experiences to its customers.

The bank’s commitment to digital innovation is reflected in its continuous investment in technology and talent. By leveraging advanced technologies, CIMB Bank Philippines aims to enhance its operational efficiency and deliver superior customer experiences.

As the bank embarks on this ambitious growth plan, it remains focused on its mission to provide inclusive and accessible banking services to all Filipinos. With a clear strategy and a strong foundation, CIMB Bank Philippines is well-positioned to achieve its lending targets and contribute to the country’s economic progress.

The announcement of the lending target underscores CIMB Bank Philippines’ dedication to its clients and its role in driving financial inclusion in the Philippines. By supporting small businesses and overseas Filipino workers, the bank is poised to make a significant impact on the local economy and the lives of many Filipinos, reported Bangkok Post.