MANILA, Philippines – Sumitomo Mitsui Banking Corp. (SMBC) opened its Philippine branch yesterday just six months after it secured the go-signal from of the Bangko Sentral ng Pilipinas (BSP).
It is the first foreign bank to secure a license to operate in the Philippines under Republic Act (RA) 10641 or An Act Allowing the Full Entry of Foreign Banks in the Philippines.
SMBC managing director for Asia Pacific Shosuke Mori said the Philippine branch would serve as a magnet for Japanese and other foreign investors.
“With the opening of the Manila branch, our staff will look to attract more Japanese investments into the Philippines,” Mori said at the formal opening of its branch at the Ayala Tower One.
SMBC will provide various financial services to clients through active collaborations or partnerships with the domestic banks.
The SMBC official also lauded the efforts of the Philippine government in opening its banking industry to foreign players.
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“We would like to express our sincere appreciation for your tremendous support in the liberalization of the banking sector and selecting SMBC as the first foreign bank to be licensed in the Philippines,” he said.
The SMBC Group goes back more than 400 years with an extensive global network of customers including the largest Japanese enterprise groups such as the Sumitomo Group and Mitsui Group.
SMBC is a wholly-owned subsidiary of Sumitomo Mitsui Financial Group Inc. (SMFG), one of the biggest investment holding companies in Japan.
SMBC and its group companies offer a broad range of financial services centered on banking. They are also engaged in the leasing, securities, credit card, investment, mortgage securitization, venture capital and other credit related businesses.
The BSP also approved the entry of Yuanta Bank of Taiwan, the second Taiwanese bank and the fifth since the liberalization law was passed. The other banks entrants are: Cathay United of Taiwan, Shinhan Bank of Japan, and Industrial Bank of Korea.