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A listed Malaysian bank will establish presence in the Philippines as it expects to get the Bangko Sentral ng Pilipinas’ (BSP) nod before yearend.
On the sidelines of the Financial Executives Institute of the Philippines’ 2017 conference Friday, BSP Deputy Governor Chuchi G. Fonacier told reporters that of the eight foreign banks that Governor Nestor A. Espenilla Jr. earlier said had expressed interest to do business here, two were from Asean, and one of them already submitted the requirements.
Fonacier said the application of the Malaysian lender, which she declined to identify, is currently being processed by the BSP.
“It’s a done deal. They presented their business model. We already talked to them,” Fonacier said.
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The Malaysian bank will put up a branch in the country, similar to the usual mode of entry of other foreign lenders, the BSP official said.
As for the six other interested banks, most of them were from East Asia, according to Fonacier.
