BIZ BUZZ: Business as usual for CIMB PH

It was business as usual at CIMB Bank Philippines, even as reports swirled that its Malaysian parent was looking to sell the local business.

Bloomberg reported that CIMB Group Holdings Bhd. was exploring a potential divestment of its Philippine operations as part of a broader push to streamline the group and concentrate on larger markets with better growth prospects.

The Malaysian lender was said to be working with a financial adviser and had approached prospective buyers to test their interest. The Philippine business could fetch as much as $200 million, according to the report.

CIMB Bank Philippines, for its part, said it was aware of the report but “does not respond to unsubstantiated news reports.”

“CIMB Bank PH continues to operate as usual and remains focused on serving its customers and delivering safe, secure, and innovative banking solutions,” it said.

The bank also assured customers that their funds “remain safe and secure.”