Bank of the Philippine Islands (BPI) and Metropolitan Bank & Trust Co. (Metrobank) are among the local banks interested in buying CIMB Group’s Philippine business, Bloomberg cited, citing people familiar with the matter.

Binding bids are due before the end of October, and other parties have also shown interest, the people said. BPI declined to comment, while CIMB and Metrobank did not respond to Bloomberg’s requests for comment.

Bloomberg first reported earlier this month that CIMB was exploring a sale of the business, in a deal that could value it at up to US$200 million. CIMB has not confirmed the plan and could still decide not to sell.

Behind GSave and GCredit

CIMB Bank Philippines entered the market in December 2018 as a digital-only bank and had 10 million customers by September 2025, Marketech APAC noted.

Beyond its own app, the bank powers GSave savings accounts and the GCredit credit line inside GCash, Marketing-Interactive reported.

A sale would follow CIMB’s agreement in May to sell CIMB Thai Bank’s auto financing portfolio. In August, the group said it would keep reallocating capital away from underperforming businesses.

CIMB Says Operations Continue

After the first reports, CIMB Bank Philippines said on Facebook that it “continues to operate as usual” and remains focused on serving its customers, as per Tech Pilipinas.

Featured image: Edited by Fintech News Philippines based on an image by Ayyeee Ayyeeevia Pexels.