Thrift banks seek clarification of BSP cross-selling rules

The Chamber of Thrift Banks is anticipating the issuance of a circular by the central bank on the Phase 2 of the Revised Cross Selling Guidelines this June, but is calling for a clearer definition of “financial conglomerate” in the revised rules.

Cross selling is the presentation and sale of a financial product provided by a different bank or financial institution than the one making the transaction.