BDNI in Philippines

BDNI in Philippines

MANILA (AFP): Two Indonesian and Hong Kong banks have recently
been given permission to expand operations in the Philippines,
the Central Bank said.

The Central Bank said Sunday that its policy-making body, the
Monetary Board, recently approved the applications of Dao Heng
Bank Inc. and Bank Dagang Nasional Indonesia (BDNI) to expand its
representative offices to offshore banking units.

Dao Heng is 40 percent Filipino-owned and 60 percent by Dao
Heng Bank Ltd., a subsidiary of Hong Kong's third largest bank,
the Dao Heng Bank Group Ltd.

It has also been allowed to operate an expanded foreign
currency deposit unit, the Central Bank added.

Central Bank governor Gabriel Singson said that with the
establishment of BDNI, the second Indonesian offshore banking
unit in the country, trade and investments between the
Philippines and Indonesia would be enhanced.