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.