8 more foreign banks keen on PH market
Eight Asian banks have indicated interest to set up shop in the Philippines, the head of the Bangko Sentral ng Pilipinas said.
BSP Governor Nestor A. Espenilla Jr., said the Philippines has become an investment destination for foreign banks in Asia due to its strong economic fundamentals and growth potential.
Espenilla said some of these banks would establish a representative office while some would expand operations here.
“Representative offices are mainly focused on marketing. It is also important because rep offices are also useful in drawing in investments into the country But if they see a really good market demand it may progress into a branch application,” he said.
The BSP has so far given nine foreign banks the green light to operate in the Philippines. These are the First Commercial Bank of Taiwan, Sumitomo Mitsui of Japan, Shinhan Bank of South Korea, Cathay United Bank of Taiwan, the Industrial Bank of Korea, Yuanta Bank of Taiwan, the United Overseas Bank Ltd. of Singapore, Seoul-based Woori Bank, and Hua Nan Commercial Bank Ltd. of Taiwan.