Bits and Snippets of the Philippines

Basic Reading of Global Filipinos

More Foreign Banks Open in the Philippines

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The entry of more foreign bank opening to operate in the Philippine can only mean increased competition to the local banks. The latter will have to find more creative ways to keep their customers away from their foreign rivals. They could partner with these foreign imports, improve their service specific to the Filipino habits and lifestyles, or tap into the market which really doesn’t benefit from all these new foreign banks – the low income consumers and small businesses.

Recently, the Banko Sentral ng Pilipinas or BSP (Philippine Central Bank) has allowed the entry of four new foreign banks into the country, on top of the 28 now operating. These four new foreign banks are:

  • Cathay United Bank
  • Industrial Bank of Korea
  • Shinhan Bank
  • Sumitomo Mitsui Banking Corp.

The 28 foreign banks now operating in the Philippines are the following:

  1. ANZ Banking Group
  2. Bangkok Bank
  3. Bank of America
  4. Bank of China
  5. Bank of Singapore
  6. Barclays Bank
  7. BNP Paribas
  8. Citibank
  9. DBS Bank
  10. Deutsche Bank
  11. ING Bank
  12. J.P. Morgan Chase Bank
  13. J.P. Morgan International Finance
  14. Japan Bank For International Cooperation
  15. Korea Development Bank
  16. Korea Exchange Bank
  17. Mega International Commercial Bank
  18. Mizuho Bank
  19. Rothschild (Singapore)
  20. Standard Chartered Bank
  21. State Bank of India
  22. Taiwan Cooperative Bank
  23. The Bank of New York Mellon
  24. The Bank of Tokyo-Mitsubishi UFJ
  25. The Export-Import Bank of Korea (Korea Eximbank)
  26. The Hongkong & Shanghai Banking Corporation (HSBC)
  27. UBS
  28. Wells Fargo Bank

Source: GMA News Online | Wikipedia.org

Title photo from Wikipedia.org.

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