Deutsche Bank gets expanded banking license
Deutsche Bank said Tuesday it had been awarded an expanded banking license by the Monetary Board of Bangko Sentral ng Pilipinas.
This allows Deutsche Bank to expand its Philippine investment banking activities in debt and equity underwriting, particularly corporate issuance underwriting.
Enrico Cruz, Deutsche Bank’s chief country officer in the Philippines, said the expansion of Deutsche Bank’s existing banking license would allow it to fully participate in the domestic underwriting of fixed income bonds and domestic public equity offerings.
“This is an exciting development for Deutsche Bank, positioning us even better to participate fully in the Philippines’ robust growth and development.”
Deutsche Bank has been active in the Philippines since 1975 when the European Asian Bank, of which it was a shareholder, opened a representative office. In 1995, the bank obtained its full commercial banking license.
Deutsche Bank’s capital markets and investment banking expertise, combined with its significant investments in technology, have made it one of the leading transaction banks in the Philippines, offering services for cash management, domestic custody and trade finance.
Reflecting Deutsche Bank’s continued investment in the Philippines, it now employs more than 1,700 people in Manila. The Philippines has also become a finance hub for the bank through the establishment of a fully owned subsidiary, Deutsche Knowledge Services.
