The central banks of the Philippines and Malaysia have signed an agreement that will allow Qualified Asean Banks to operate subsidiaries in each other’s markets, marking a milestone in the broader Association of Southeast Asian Nations (Asean) community.
The Bangko Sentral ng Pilipinas (BSP) and Bank Negara Malaysia (BNM) have agreed on the guidelines under the heads of agreement (HoA) signed by BSP Governor Amando Tetangco Jr. and BNM Governor Zeti Akhtar Aziz in Kuala Lumpur on Monday.
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