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CIMB Thai Bank to shutter 16 branches in 2016

CIMB Thai BankPCL will close 16 branches in 2016 as part of efforts to scale downits physical presence amid the rising popularity of digital banking, The Nation reported July 13, citing the bank'ssenior executive vice president, Adisorn Sermchaiwong.

The planned closures will bring the bank's branch count to80, down from 163 branches in 2012 when the lender gradually began scaling downits branch count.

Adisorn noted that there is less demand from the bank'scustomers for cash transactions at branches or ATMs as more of them areshifting to digital banking services, while branches now mainly providefinancial advisory services. He added that customers seeking such services mayonly visit branches once a month.

CIMB Thai Bank is a unit of