Connect with us

Hi, what are you looking for?


Cathay Bank to have branch in Philippines

The Philippine central bank has given Taiwan’s Cathay United Bank the go ahead to upgrade its representative office in the Philippines to a full-service branch, making it the third foreign bank to benefit from a new law that eased the entry of outside lenders. Deputy governor Nestor Espenilla said the central bank’s policy-making monetary board has approved the application. He said Cathay United is required to put up an initial capital equivalent to 2.2 billion pesos ($49.48 million), the minimum requirement for a commercial bank license with a single unit. Cathay United Bank is a subsidiary of Cathay Financial Holdings, which in December bought 20% of mid-sized Philippine bank Rizal Banking Commercial Corp for 17.92 billion pesos.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

PR Newswire

Copyright © Glocal Infomart Pvt Ltd. All rights reserved. Usage of content from website is subject to Terms and Conditions.