Rizal Commercial Banking Corp. (RCBC) recently signed a business cooperation agreement with a bank based in Hong Kong to help Chinese small and medium enterprises (SMEs) in the Philippines.
In a statement, RCBC said that its agreement with the Bank of East Asia (BEA) will support business expansion of Chinese SMEs in the country.
“This two-way partnership aims to provide BEA customers in the country access to financial services such as loans and opening of accounts through RCBC, and similarly, RCBC’s Filipino clients in areas such as China and Hong Kong, corresponding banking services through BEA,” the bank stated.
RCBC added that Philippine businesses in BEA service areas may avail of the bank’s Chinese Yuan and other currency funding in their areas of operation. BEA customers, on the other hand, may seek advisory services for investment and business operation in the Philippines and trade finances in peso, which are also included in the agreement.
BEA is the largest independent local bank in Hong Kong that provides comprehensive commercial banking, personal banking, wealth management, and investment services to its customers.
Besides having one of the largest branch networks in Hong Kong and China, the bank has presence in other parts of Southeast Asia, United Kingdom and the United States. Meanwhile, RCBC is a strong player in the export processing zones and has established strong business relations with other banking groups in the region.
RCBC has partnered with three banks under the Resona Group of Japan namely Resona Bank, Saitama Resona Bank Ltd. and The Kinki Osaka Bank Ltd. RCBC has also strengthened its electronic banking channels and has been effectively servicing the loan requirements of the country’s SME sector to create new growth opportunities for its consumer market.
To date, the bank has expanded its operations to over 420 branches and 1,100 automated teller machines nationwide.