Manila licenses 10 banks

Manila licenses 10 banks

MANILA (Reuter): For the first time in nearly 50 years, Manila has granted full banking licenses to foreign institutions -- and more may be on the way, Philippines Central Bank Governor Gabriel Singson said yesterday.

Singson told a news conference Manila would likely decide within the next six months whether the banking sector would be further opened to foreign competition.

He named the 10 banks which can set up full branches here under a new banking law passed last year.

Asia-Pacific-based banks are Australia-based ANZ Bank, Development Bank of Singapore, Korea Exchange Bank, Japan's Fuji Bank and Bank of Tokyo, Bangkok Bank and Taiwan's International Commercial Bank of China.

ING Bank of the Netherlands, Germany's Deutsche Bank and U.S.- based Chemical Bank were also granted full licenses.

The banks can start operating as soon as they meet conditions set for new financial institutions, Singson said.

The new foreign banks must have at least 210 million pesos (US$8.46 million) in capital permanently assigned to the Philippines.