The central bank on Friday identified Taiwan-based Yuanta Commercial Bank Co., Ltd. as the fifth foreign bank allowed to operate in the Philippines as part of the liberalization of the local banking sector.

Nestor Espenilla Jr., deputy governor at the Supervision and Examination Sector of the Bangko Sentral ng Pilipinas (BSP), said the Monetary Board has approved Yuanta Commercial Bank’s acquisition of a Makati-based thrift bank.

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