Malaysian bank seeks PH entry as QAB

A Malaysian bank expressed an interest in operating in the Philippines as a Qualified Asean Bank (QAB) shortly after the Bangko Sentral ng Pilipinas (BSP) and Bank Negara Malaysia (BNM) signed a banks entry agreement earlier this week, a BSP official said.

Earlier this week, the BSP and BNM agreed on the guidelines under the heads of agreement (HoA) that will allow QABs to operate subsidiaries in each other’s markets, marking a milestone in the broader Association of Southeast Asian Nations (Asean) community.