October 30, 2025 | 12:00am
MANILA, Philippines — Salmon Bank is targeting to infuse at least P1.2 billion in fresh capital over the next two years as it prepares to transition from a rural bank to a thrift bank as part of its broader strategy to expand nationwide.
Salmon Bank chairman and co-founder Raffy Montemayor said the group plans to inject at least P600 million before the end of 2025, bringing its equity to about P1.4 billion, and another P600 million in 2026 to support rapid growth and regulatory requirements for a thrift bank license.
“We continue to prepare ourselves to apply for a thrift bank next year,” Montemayor said.
“In terms of capital, we’re already there. But we want to make sure we complete key investments in people and in technology before we apply,” he said.
He added that the upgrade would mark a significant step toward operating on a nationwide scale, allowing the bank to combine a strong digital platform with an expanded physical presence.
“We want to make sure the bank is ready to put its foot forward as a thrift bank, which brings with it a higher level of attention,” Montemayor said.
Pavel Fedorov, who also co-founded Salmon, said the group is already among the most capitalized modern banks in the country and expects to be “well above most of the digital banks in capitalization fairly soon.”
“Alongside net income, we’re injecting quite a bit of capital into the bank,” Fedorov said. “We, as a group, will be bringing a lot more capital next year as well. We want to increase the share capital to the level where many of the new startups will be in our shadow.”
Fedorov said the parent company could inject more capital if the bank grows faster than expected.
He added that Salmon Bank has been sustaining rapid growth since its launch, doubling key operating and financial metrics every six to nine months.
According to Montemayor, the Bangko Sentral ng Pilipinas is currently reviewing Salmon’s application for an advanced electronic payments and financial services (EPFS) license, which was filed in August.
“It could take six to 12 months,” he said. “We have ongoing dialogue with the BSP to make sure we answer all the questions and provide the documentation they need.”
Salmon Bank is also gearing up to launch its “daily banking” suite next year, a package of integrated products including checking and high-yield savings accounts, time deposits and digital payment features designed to meet customers’ everyday financial needs.
When asked if the rural bank is considering applying for a digital bank license, officials said they are focusing on expanding their physical footprint, which is restricted under a digital bank license.
To support its growing customer base, the bank plans to open three new flagship branches in Bonifacio Global City, Cebu and Cagayan de Oro, with the goal of testing a 24/7 branch model.
