Two Japanese banks tie up with Philippines' RCBC
The move aims to bring more Japanese SMEs to the country.
Manila-based Rizal Commercial Banking Corp has forged a business alliance with Osaka-based Kansai Urban Banking Corp and Kobe-based Minato Bank in an effort to lure more Japanese small and medium enterprises to the country.
“These two banks are some of the best in the Osaka, Kansai area. Through them, we hope to bring more Japanese investors into the Philippines,” RCBC First vice president Yasuhiro Matsumoto said in a statement, adding that the bank is well-positioned to provide the banking requirements of foreign investors.
The move comes as the Bank of Fukuoka recently earlier tapped on BDO Unibank as its Philippine regional partner to facilitate businesses seeking expansion into the country.
The Philippine Economic Zone Authority (PEZA) has pushed for partnerships with Japanese banks in hopes of attracting more companies from Japan to set up shop in the country’s economic zones. The PEZA currently has six partnership agreements with Japanese lenders including Mizuho Bank, Bank of Tokyo Mitsubishi, Sumitomo-Mitsui Banking Corp., Resona Bank, Ogahi-Kyoritsu Bank, and Tokyo Star Bank.