Two of the largest banks in the Philippines and Japan have agreed to work together to leverage growth prospects in their respective countries.
Rizal Commercial Banking Corporation and Resona Bank Ltd of Japan have entered into a business cooperation agreement that gives Resona Bank customers access to banking services in the Philippines. The deal will also allow the Japanese bank’s customers to utilize RCBC’s banking services, including trade financing in Philippine pesos.
“We entered into a business tie-up with RCBC to fulfill the expectations of our customers in the Philippines, where Japanese companies have been expanding,” said Resona Bank president Naoki Iwata.
Resona Bank lately has stepped-up efforts to strengthen cooperation with overseas partner banks to meet its customers’ local banking needs. RCBC has a Japan desk at its headquarters in Makati City to provide business services to the Japanese.
Japan is one of the Philippines leading trading partners and sources of foreign direct investments.
Over 15% or US$7.8 billion of the Philippines’ total exports went to Japan in 2010. Japan is the largest importer to the Philippines.
Japanese FDIs accounted for 39% or US$227 million of all FDIs to the Philippines in the third quarter of 2011.
RCBC is the Philippines’ fourth largest private universal bank in terms of capital while Resona Bank is Japan’s fourth largest banking group.
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