Yuanta Bank is the second Taiwanese bank and the fifth foreign bank
permitted to do business in the Philippines following the passage of the
amended foreign banks law last year. The revised measure, signed into law by President Aquino in July last
year, removed the limit of foreign banks in the country earlier set at
only 10. Under the new law, foreign banks may now own as much as 100 percent of any local bank, removing the previous cap of 60 percent. The BSP started receiving applications for new foreign banks in late
December last year following the release of the implementing rules and
regulations in November.
Since January, the central bank has approved the entry of Japan’s Sumitomo Mitsui, South Korea’s Shinhan Bank, Taiwan’s Cathay United, and the Industrial Bank of Korea. BSP Deputy Governor Nestor Espenila Jr said the BSP is still processing the application of another Asian bank, which he declined to name.
“I cannot give details yet,” he said. Espenilla said banks in the Asia Pacific region are setting its sights on the Philippines. “Asia is the growing part of the global economy and Asia itself is trading amongst themselves. We also have this Asean Economic Community so there are so many economic drivers that is why that is the case,” he added. According to him, banks from the US and Europe have also expressed interest in setting up shop in the Philippines. “They (European and US banks) have asked about our law. My sense is they are not yet moving now but they are clearly looking at future opportunities,” the BSP official said.
Read source: http://www.philstar.com/business/2015/07/07/1473976/bsp-welcomes-more-foreign-banks
Since January, the central bank has approved the entry of Japan’s Sumitomo Mitsui, South Korea’s Shinhan Bank, Taiwan’s Cathay United, and the Industrial Bank of Korea. BSP Deputy Governor Nestor Espenila Jr said the BSP is still processing the application of another Asian bank, which he declined to name.
“I cannot give details yet,” he said. Espenilla said banks in the Asia Pacific region are setting its sights on the Philippines. “Asia is the growing part of the global economy and Asia itself is trading amongst themselves. We also have this Asean Economic Community so there are so many economic drivers that is why that is the case,” he added. According to him, banks from the US and Europe have also expressed interest in setting up shop in the Philippines. “They (European and US banks) have asked about our law. My sense is they are not yet moving now but they are clearly looking at future opportunities,” the BSP official said.
Read source: http://www.philstar.com/business/2015/07/07/1473976/bsp-welcomes-more-foreign-banks
