, Philippines

Five foreign banks end Philippine operations

Financial turmoil in their home countries forces American Express Bank and four other foreign banks to depart the Philippines.

The Bangko Sentral ng Pilipinas, the central bank, identified the other banks as Societe General, Union Bank of California N.A., First International Bank and Fortis Bank. All five banks are selling their assets to generate liquidity for their financially troubled parent firms. BSP Deputy Governor Nestor Espenilla Jr. said the Philippine banking sector will not be severely affected by the pull out.

He said the five banks accounted for a very small portion of the total assets of the Philippine banking sector. “The closure of the offices in the Philippines is a case of deleveraging that is happening now in the West,” Espenilla said. He said the banks were making money, mostly from foreign-exchange lending, but were pulling out because their parent firms remain strapped for cash.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!