CIMB Group, Malaysia's second-largest bank by assets, is actively evaluating acquisition opportunities in Thailand and the Philippines as it seeks to deepen its consumer banking franchise across Southeast Asia. The group has identified both markets as priority expansion zones under its Forward23+ strategic plan, which sets out an ambition for CIMB to establish itself as the leading ASEAN retail and digital bank.
The Malaysian lender's focus in both countries centres on segments it views as underpenetrated: digital financial services and the rural or underserved customer base that has historically had limited access to formal banking products. CIMB's management has indicated that any acquisition would need to complement the group's existing digital capabilities rather than simply add branch infrastructure, reflecting a broader industry shift in how banks in the region think about distribution.
FORWARD23+ STRATEGY DRIVES REGIONAL PUSH
CIMB's Forward23+ plan, which the group unveiled to guide its medium-term development, identifies ASEAN expansion as the central pillar of its growth agenda. The strategy acknowledges that organic growth alone is unlikely to deliver the scale needed to compete with domestic market leaders in Thailand and the Philippines, both of which have entrenched incumbent banks with large deposit franchises and well-established retail networks.
In Thailand, CIMB operates through CIMB Thai Bank, a listed subsidiary that has faced challenges building market share against Thailand's larger domestic lenders. An acquisition of a complementary institution or a specific business line — such as a consumer finance portfolio or a digital banking licence — could accelerate the subsidiary's growth trajectory without requiring CIMB to build from scratch in a competitive market where customer acquisition costs are high.
The Philippines presents a different dynamic. Bangko Sentral ng Pilipinas has actively encouraged foreign bank participation and digital banking innovation, and the market remains one of the more fragmented in ASEAN, offering a broader range of potential target institutions at varying price points. CIMB's digital bank in the Philippines has already demonstrated strong deposit growth, and a strategic acquisition could provide complementary lending capabilities to sit alongside that deposit base.
DIGITAL CAPABILITIES AND INCLUSION AT THE CORE
CIMB's stated focus on digital capabilities and underserved segments reflects a wider trend among ASEAN universal banks, which are increasingly competing not only with one another but with a new generation of digital-only lenders and super-app platforms that have built significant customer bases without traditional branch networks. The group has made technology investment a central plank of Forward23+ and has said any target must contribute meaningfully to its digital infrastructure.
The emphasis on rural and underserved populations also aligns CIMB's commercial objectives with broader financial inclusion mandates that regulators in both Thailand and the Philippines have articulated. Demonstrating a commitment to serving those segments can smooth the regulatory approval process for acquisitions that might otherwise face scrutiny over market concentration.
CIMB has not disclosed the identity of any specific acquisition targets or indicated a timetable for concluding a transaction. The group acknowledged that any deal would be subject to regulatory approval in the relevant jurisdiction, as well as CIMB Group board sign-off. Management said it was prepared to be disciplined on valuation and would not pursue transactions that did not meet its return thresholds under the Forward23+ framework.