CIMB reportedly weighs sale of Philippine operations in potential US$200m deal

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CIMB Group Holdings is exploring a potential sale of its Philippine operations in a move that could see the Malaysian banking group streamline its portfolio and redirect capital towards larger growth markets, according to a Bloomberg report.

The group is working with a financial adviser to assess buyer interest in the business, with the unit potentially valued at up to US$200 million, Bloomberg reported, citing people familiar with the matter.

Discussions remain ongoing, and CIMB could ultimately decide not to proceed with a transaction.

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CIMB launched its Philippine operations in December 2018. By September 2025, the group had expanded its customer base to 10 million, according to disclosures on its website.

Beyond its banking services, CIMB Bank Philippines powers GCredit, a digital revolving credit line integrated into the GCash app. The service places the bank within the Philippines' digital financial services ecosystem, connecting its lending capabilities with one of the country's major mobile wallet platforms.

The potential sale comes as CIMB reviews its regional portfolio and capital allocation. In August, the group reported second-quarter net earnings of RM1.94 billion (US$475 million) and said it intended to "reallocate capital away from underperforming businesses".

In May, CIMB also announced the divestment of its vehicle financing book in Thailand, marking another step in its efforts to reshape its regional operations.

The group maintains a presence across Indonesia, Singapore, Thailand, Cambodia and Vietnam, alongside operations in the UK, China and Hong Kong.

CIMB's potential Philippine divestment would mark a significant change for a business that has spent nearly eight years building its presence in the market, including through its integration with the country's digital payments ecosystem.

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