MANILA, Philippines – The Industrial and Commercial Bank of China (ICBC) will open a branch in the Philippines subsequent to their unsuccessful entry nearly 10 years ago.
ICBC is a multinational, Beijing-based banking company. It is the biggest bank in the world regarding total assets: The company has almost 3.5 trillion dollars. Thus, it is the world’s most high-priced bank since February of 2017 in terms of market capitalization.
The banking company first visited the country in 2008 to look for a resident partner.
The Bangko Sentral ng Pilipinas (BSP) has authorized the company’s application letter to open a branch here in the Philippines. ICBC is the 1st Chinese and the 12th foreign-based bank approved by the government to set up an office in the country since the Republic Act No. 10641 was signed in July 2014 by Benigno Aquino III, the former president of the Philippines, which completely liberalized the banking industry.
The Chinese bank has built branches in a total of 45 regions and countries as well as an international network which covers all the finest global financial centers and six continents.
The Swiss Financial Market Supervisory Authority gave permission for ICBC to set up its branch in Zurich, Switzerland, last December 2017 to further enhance the financial network and business network potential of the bank internationally and globally.
Behind ICBC as the largest bank worldwide is China Construction Bank Corporation that has a total asset of 3.01 trillion dollars, Agricultural Bank of China with 2.81 trillion dollars, Mitsubishi UFJ Financial Group of Japan with 2.63 trillion dollars, and Bank of China with 2.61 trillion dollars.
ICBC was founded in the year 1984 in January. The company grew to be listed in the world’s registered leading big banks, holding an outstanding customer base, strong method capacities, an expanded business structure, and market ambitions and giving complete financial products as well as services.
The banking company was listed successfully in Hong Kong and Shanghai in 2006 simultaneously.
Chuchi Fonacier, deputy governor of the Philippine central bank, said previously that a lot of foreign banks wish to open up their Philippines branches, as a result of the country’s healthy macroeconomic fundamentals.
Before ICBC, 11 international banks have been allowed by the BSP to open up their branches in the country ever since foreign banking companies have fully been allowed to enter the banking industry in the Philippines.
Hua Nan Commercial Bank Limited, Cathay United Bank, First Commercial Bank, Yuanta Bank, and Chang Hwa Bank Commercial Bank Limited are the Taiwanese banks included to the 11 banks that have been allowed. Shinhan Bank, Woori Bank, and the Industrial Bank of Korea are three of the 11 banks from Korea. Sumitomo Mitsui Banking Corporation, CIMB Bank, and United Overseas Bank Limited are banks from Japan, Malaysia, and Singapore, respectively.
Similarly, the following are the 11 foreign banks that opened up their offices of affair in the Philippines: Ogaki Kyoritsu Bank Limited, Korea Development Bank, State Bank of India, Bank of Singapore Limited, Wells Fargo Bank, The Bank of New York Mellon, DBS Bank Limited, Korea Eximbank, Japan Bank for International Cooperation, UBS AG, and Rothschild (Singapore) Limited.
Zurich-based Credit Suisse and state-run Bank of Taiwan are, at the same time, also considering to open a representative office in the Philippines.
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