The Bangko Sentral ng Pilipinas (BSP) on Thursday identified the Industrial Bank of Korea as the fourth foreign bank that has secured approval from the Monetary Board (MB) to set up and operate a branch in the Philippines.
The BSP earlier announced it has approved the application of another foreign bank to operate in the Philippines, in line with the liberalization of the local banking industry.
“This is to confirm that the MB approved on April 30 the application of the Industrial Bank of Korea to put up a branch in the Philippines,” BSP Deputy Governor Nestor Espenilla Jr. said in a text message to reporters.
Founded in 1961, Industrial Bank of Korea is headquartered in Seoul. As of Dec. 31, 2014, the bank was operating a network of 641 branches, including 53 depository offices in South Korea, 15 branches in China, six branches in other countries and representative offices in New Delhi and Yangon.
The lender provides various banking products and financial services to individuals, households, local governments, non-profit organizations, and small and medium sized enterprises in South Korea.
Prior to the announcement of Industrial Bank of Korea’s entry into the Philippine banking industry, three other foreign banks had obtained central bank approval for expansion into the country, namely Taiwan’s Cathay United Bank, Japan’s Sumitomo Mitsui Banking Corp. and another South Korea-based bank, Shinhan Bank.