Banks may sell CIS

The Monetary Board (MB) of the central bank has approved the use by banks of its premises to market and sell to their clients collective investment schemes (CIS)—products such as mutual funds, unit investment trust funds and variable unit-linked life insurance policies—in line with the liberalization of the banking industry.

In a statement on Tuesday, the Bangko Sentral ng Pilipinas (BSP) said the approval is a means of advancing the liberalization of the industry’s cross-selling framework. Cross-selling is a market practice where bank premises serve as a distribution channel for financial products other than those of the bank.