Manila licenses 10 banks<\/p>\n
MANILA (Reuter): For the first time in nearly 50 years, Manila
\nhas granted full banking licenses to foreign institutions -- and
\nmore may be on the way, Philippines Central Bank Governor Gabriel
\nSingson said yesterday.<\/p>\n
Singson told a news conference Manila would likely decide
\nwithin the next six months whether the banking sector would be
\nfurther opened to foreign competition.<\/p>\n
He named the 10 banks which can set up full branches here
\nunder a new banking law passed last year.<\/p>\n
Asia-Pacific-based banks are Australia-based ANZ Bank,
\nDevelopment Bank of Singapore, Korea Exchange Bank, Japan's Fuji
\nBank and Bank of Tokyo, Bangkok Bank and Taiwan's International
\nCommercial Bank of China.<\/p>\n
ING Bank of the Netherlands, Germany's Deutsche Bank and U.S.-
\nbased Chemical Bank were also granted full licenses.<\/p>\n
The banks can start operating as soon as they meet conditions
\nset for new financial institutions, Singson said.<\/p>\n
The new foreign banks must have at least 210 million pesos
\n(US$8.46 million) in capital permanently assigned to the
\nPhilippines.<\/p>",
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"sponsor": "Okusi Associates",
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