Taiwanese bank puts up Manila branch
Hua Nan Commercial Bank Ltd. (HNCB) of Taiwan has debuted in the Philippines, taking advantage of the liberalization of the local banking system, by opening on Wednesday a full branch in Manila.
This is the 14th overseas branch of the 98-year-old Taiwanese bank, a subsidiary of Hua Nan Financial Holdings Co. Ltd. which was the first company to list on Taiwan’s stock exchange.
“Looking into the future, our vision is to become a first-class regional bank in Asia..and we know that Taiwan and the Philippines are two neighboring countries sharing similar location and traditional friendship,” HNCB chair Wu Tang Chieh said in a gala dinner to celebrate the opening of the Manila branch on Wednesday night.
Wu said HNCB was very much committed to the Philippines, adding that the Taiwanese bank would play an active role in the local banking industry, create job opportunities, share its knowledge and experience with local banking peers. He vowed to provide the “best in class range of products and services to both Philippine and Taiwanese customers.”
The HNCB chair likewise noted that the bank’s expansion in the region was in line with the Taiwan government’s “south-bound” policy, which encourages corporations to seek expansion opportunities south of Taiwan.
HNCB is the ninth foreign bank and the fourth domiciled in Taiwan to enter the Philippine banking system under Republic Act 10641 of 2014, which allowed a new wave of foreign bank liberalization. The three other new Taiwanese banking players that have entered the local banking system since then were Cathay United Bank, Yuanta Commercial Bank Co. Ltd. and First Commercial Bank.
“This event represents the realization of the objectives of the law allowing greater foreign participation in the Philippine banking system,” said Bangko Sentral ng Pilipinas Deputy Governor Nestor Espenilla Jr. during the gala dinner as he welcomed HNCB to the Philippine banking industry.
Espenilla, who will become the BSP Governor next month, said: “The economic benefits from the entry of foreign banks are clear.
