JP Morgan closes offshore banking unit in Manila
This global bank will be relying on their commercial branch in the Philippines.
J.P. Morgan International Finance Limited has stopped the operations of its offshore banking unit in Manila. The Bangko Sentral ng Pilipinas (BSP) accepted the decision of the US-based bank to close its offshore unit on Feb. 22, 2018.
This should not be too problematic for the bank’s customers, as J.P. Morgan will sustain its presence in the country through its full branch named JP Morgan Chase Bank N.A.