Bank of Tokyo in Manila

Bank of Tokyo in Manila

MANILA (AFP): Bank of Tokyo started commercial bank operations in the Philippines yesterday, becoming the first of the 10 foreign banks allowed to set up in the country to open its doors. Bank of Tokyo's branch in the country's financial district of Makati would be its only branch in the Philippines and would only receive corporate accounts, spokeswomen said.

Those seeking to open personal accounts would be referred to a local bank, Pilipinas Bank, which is 20-percent owned by Bank of Tokyo, the spokeswomen said.

The recent announcement of a merger between Mitsubishi Bank and the Bank of Tokyo had no effect on the plans to establish a branch here.

Bank of Tokyo has maintained an offshore banking unit in this country since 1977.