Lippo's tie-up in Manila

Lippo's tie-up in Manila

MANILA (Reuter): The Philippine Exporters Confederation Inc (Philexport) and Indonesia's Lippo Bank are scheduled to open a commercial bank by August, Philexport president Sergio Ortiz-Luis said yesterday.

The bank, to be named the Export and Industry Bank, will file its application for a commercial bank license with the Central Bank next month, Ortiz-Luis told reporters.

The bank will focus on trade financing packages designed for exporters, he added.

The bank will have an authorized capital of 1.25 billion pesos. The local exporters' group will take a 70 percent stake, Lippo 30 percent.