CIMB reportedly weighs sale of its Philippine digital bank as Revolut eyes a licence

Implications

Facts

CIMB: Bloomberg reported on 6 October, citing people familiar with the matter, that CIMB Group is exploring a sale of its Philippine business, including the digital-only CIMB Bank Philippines, is working with a financial adviser and has sounded out potential buyers. A deal could value the business at up to USD 200 m ¹; deliberations are ongoing and CIMB may decide not to sell. CIMB entered the Philippines in December 2018 and had 10 million customers by September 2025, according to its website. ² The bank also powers savings accounts on partner platforms, including GSave in GCash. The report gives no Philippine loan, deposit or profit figures. In May the group agreed to sell its Thai auto-loan portfolio as part of an exit from non-core businesses.

Revolut: the Department of Trade and Industry said on 6 October that Revolut is evaluating a wholly owned local entity and applications to the BSP for a digital bank licence and an electronic money issuer licence, after a meeting in London on 2 October. Revolut serves more than 68 million retail customers worldwide. ³

Licences: MariBank's licence in July raised the number of licensed digital banks to seven ⁴, leaving three slots under the BSP's cap of 10. ⁵

Analysis

Entry and exit at once: a regional bank weighing an exit and a global fintech weighing entry in the same week suggest the value of a Philippine digital licence lies in distribution and funding access, while the economics depend on scale in lending. A customer count of 10 million set against a reported price ceiling of up to USD 200 m implies a modest value per customer, consistent with deposit-led franchises built through partner wallets rather than direct lending relationships.

Time series: the rules have tightened over the past month. BSP Circular 1240 set a PHP 1 bn capital floor for smaller banks shifting to digital-centric models ⁶, and GCash operator Mynt priced its IPO at PHP 6.60 per share, well below the maximum price ⁷, a signal that public investors are pricing Philippine fintech growth more cautiously.

Counterpoints and uncertainties

The sale report rests on unnamed sources, CIMB did not respond to Bloomberg and may not proceed, and the valuation is an upper bound. Revolut's plans are at the evaluation stage; the BSP has not said whether any application is pending or how it will allocate the remaining slots, and an available slot does not guarantee approval.