Nine Full Foreign Banks Now Doing Business in the Philippines

Nine banks have set up shop since the enactment of a law allowing the full entry of foreign banks. These include Taiwan-based Hua Nan Commercial Bank, Cathay United Bank, Yuanta Commercial Bank, and the First Commercial Bank; the Sumitomo Mitsui Banking Corp. of Japan; Singapore-based United Overseas Bank; and South Korea’s Industrial Bank of Korea, Shinhan Bank, and Woori Bank. An agreement has also been signed with the Bank Negara Malaysia, while talks for similar deals with Thailand and Indonesia are under…

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