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6 foreign banks interested in operating in Philippines

Six major Asian banks are interested in starting operations in the Philippines. The governor of the country’s central bank Amando Tetangco Jr. said details and the requirements are being worked out. Foreign banks are taking interest in the Philippines after the passage of the RA Act 10641 in July 2014, which scrapped the equity limit of 60% for foreign firms and allowed 100% ownership of voting shares in an existing domestic bank. Foreign entrants can operate using branches or via a wholly-owned subsidiary. The central bank has so far approved 9 foreign banks to operate in the Philippines. These are First Commercial Bank of Taiwan, Sumitomo Mitsui of Japan, Shinhan Bank of South Korea, Cathay United Bank of Taiwan, Industrial Bank of Korea, Yuanta Bank of Taiwan, United Overseas Bank, Singapore, Woori Bank of South Korea and Hua Nan Commercial Bank of Taiwan. Amando Tetangco Jr. did not name the six foreign banks.

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