CIMB BANK Philippines, Inc. (CIMB Bank PH) will tap the mass affluent segment next year to boost its customer base, its top official said.
CIMB Bank PH Chief Executive Officer Vijay Manoharan on Tuesday also announced the products and services that the digital-only commercial bank plans to launch in 2025.
“We are now close to nine million customers, but now we’re trying to segmentize some of them. Those of them who are a bit more affluent, we are analyzing how we should talk to you differently. What kind of offerings can we give you which are more bespoke to an affluent segment?” he said.
CIMB Bank PH earlier this year launched exclusive offerings for OFWs and is looking to roll out credit and insurance products for the sector in 2025.
It previously said products targeted for SMEs will also be introduced in the first quarter of 2025.
Mr. Manoharan said the bank will partner with companies for share trading and remittances, as well as merchants for exclusive rewards.
“Today, we are largely an unsecured lending bank. We want to start to dabble and venture into secure financing, to other means of products and services as well,” he said.
“We think it’s a huge opportunity to go cashless. The country is still heavy in cash, and there are one or two operators doing non-cash payments. We want to disrupt that space through our own cashless QR (quick response) machine,” Mr. Manoharan added.
CIMB Bank PH loans are expected to grow by 30% year on year by end-2024, he said. The bank also sees a 35-40% growth in loans next year.
The bank aims to disburse P75 billion in loans this year and to reach a total deposit cash-in level of P500 billion.
CIMB Bank PH expects to post “higher than single-digit” net income growth this year, Mr. Manoharan earlier said.
The lender forecasts faster net income growth next year as it plans to expand its offerings for underserved sectors. — Aaron Michael C. Sy
