Banking giant Metropolitan Bank and Trust Co. has tapped a number of Japanese banks to support plans of small and medium Japanese enterprises to do business in the Philippines.
Represented by Metrobank Tokyo general manager and country manager Kenichi Katakura, Metrobank announced the formation of an alliance with Hyakugo Bank Ltd., Ogaki Kyoritsu Bank Ltd., The 77 Bank, Okazaki Shinkin Bank, Akita Bank, Iyo Bank, Chugoku Bank and Hyakujushi Bank.
The partnership aims to support the Japanese SME clients in their future operations in the Philippines. With this partnership, Japanese enterprises will have access to financing and will enable them to open accounts in the local currency. Moreover, Metrobank aims to provide financial advisory services to guide the Japanese SMEs in their onshore expansion.
“As Japanese companies shift operations to rapidly growing Asian economies like the Philippines, we need to provide the support necessary for these enterprises to expand outside their home country. We at Metrobank are committed to providing support to these Japanese businesses which will give mutual benefits to both our countries,” Anthony Ocampo, Metrobank senior vice president for corporate banking, said in a statement.
Metrobank keeps its Japanese link through its Metrobank Tokyo branch and a dedicated Japan desk within its corporate banking group.
Earlier this year, Metrobank also forged partnerships with two Japan-based business support organizations, namely Japan Bank for International Cooperation and the Japan Finance Corporate, both of which were established to provide support for Japanese enterprises that were expanding their overseas operations.
In the meantime, Metrobank has also obtained the approval of the Securities and Exchange Commission for the doubling of the bank’s authorized capital stock to P100 billion in line with preparations for a stiffer regulatory environment under the Basel 3 framework.