By Joann Villanueva/PNA
MANILA — A Europe-based financial institution is reportedly eyeing the possible expansion of its operations to the Philippines.
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier declined to identify the said bank but added that an official has approached her and indicated interest in the domestic market.
“They are interested to apply for a license,” she told journalists Monday.
The central bank official, however, said the official of the European bank has not indicated what specific license to apply for.
Several foreign banks have shown interest to open either a branch or subsidiary in the Philippines since Republic Act (RA) 10641 or the Act Liberalizing the Entry and Scope of Operations of Foreign Banks in the Philippines was enacted into law in July 2014.
To date, the BSP has given its nod to the domestic operations of 12 foreign banks, including Japan’s Sumitomo Mitsui Banking Corp., South Korea’s Shinhan Bank, Taiwan’s Cathay United Bank, Industrial Bank of Korea, Taiwan’s Yuanta Bank, Singapore’s United Overseas Bank Ltd., Seoul-based Woori Bank, and Taiwan’s Hua Nan Commercial Bank Ltd.