Monday, July 16, 2018
Close  
  • share this

Bangko Sentral OKs entry of Taiwanese bank

By: - Reporter / @bendeveraINQ
/ 03:28 AM October 13, 2016

Taiwan’s Hua Nan Bank is the newest foreign bank to enter the Philippines, the Bangko Sentral ng Pilipinas (BSP) said Wednesday.

BSP Deputy Governor Nestor A. Espenilla Jr. confirmed that the Taiwanese lender was given the go-ahead by the Monetary Board last month to set up shop in the country.

Hua Nan Bank is the fourth Taiwanese bank and the ninth foreign lender that entered the Philippine market under Republic Act No. 10641.

ADVERTISEMENT

The law signed by former President Aquino in 2014 allowed the full entry of foreign banks.

According to Taiwanese media reports, Hua Nan Bank’s Manila branch will be its 14th overseas.

“The Manila branch will not only serve Taiwanese businesses in the Philippines, but will also tap local customers, based on its past experience in helping small- and medium-sized businesses develop,” The China Post quoted Hua Nan Bank as saying.

The BSP earlier allowed the following foreign lenders, all Asian banks, to operate in the country: Japan’s Sumitomo Mitsui Banking Corp.; Singapore’s United Overseas Bank Ltd.; South Korea’s Shinhan Bank, Industrial Bank of Korea, and Woori Bank; as well as Taiwan’s Cathay United Bank, First Commercial Bank, and Yuanta Commercial Bank Co.

Espenilla said at least two more Asian banks had been “preparing documents”—an indication that they were also serious to enter the Philippines as well.

The two other lenders are expected to secure the BSP’s approval within the year, he said.

ADVERTISEMENT
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, economy, Hua Nan Bank, News, Taiwan
For feedback, complaints, or inquiries, contact us.
newsinfo

Malacañang: It’s up to JBC to consider Carpio

July 17, 2018 05:40 AM

newsinfo

Robredo urges PET: Ignore OSG

July 17, 2018 05:32 AM

globalnation

Gov’t makes quiet protests on WPS – Palace

July 17, 2018 05:30 AM



© Copyright 1997-2018 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.