Another Asian bank expressed interest to set up shop in the Philippines, bringing to three the number of foreign banks this year whose applications are currently evaluated by Bangko Sentral ng Pilipinas.
“Three applications filed are under evaluation. The third [was] filed a few weeks ago,” Bangko Sentral Deputy Governor Nestor Espenilla Jr. said in a text message. He did not identity the foreign lender.
The Monetary Board reveals the name of the foreign bank whose application was approved only after the applicant already disclosed the approval in its home country. Most of the previous applicants approved by the board were listed companies.
Espenilla said earlier foreign banks continued to see the Philippines as an ideal expansion site despite the $81-million money laundering scam that rocked the domestic banking industry in February.
Prior to the third foreign bank, Espenilla said the previous two applications were pending because of the issues “that they need to iron out.”
In 2015, six applications were approved by the Monetary Board. These were from the United Overseas Bank Ltd. of Singapore, Yuanta Commercial Bank Co. Ltd. of Taiwan, Industrial Bank of Korea, Shinhan Bank of Korea, the Japan-based Sumitomo Mitsui Banking Corp., and the Taiwan-based Cathay United Bank.
