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Sumitomo to set up branch in Philippines

Sumitomo Mitsui Banking Corp will set up office in the Philippines. The country’s banking regulators have approved the entry of Japan’s second-biggest bank in the country in line with the recent lifting of restrictions on foreign ownership in the industry. The bank will establish a branch in Manila. The step is expected to facilitate the entry of new Japanese investors in the Philippines. The new branch expects to have Japanese manufacturers in the Philippines as its main clients aside from targeting Philippine conglomerates.

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