Taiwan-based Yuanta Savings Bank, one of the first foreign-bank entrants to the local lending scene since the government liberalized and opened the sector to foreign investors, is now set to operate full speed ahead, with plans to offer financial services to foreign, particularly Asian, investors keen on putting money in the Philippines.
Yuanta Bank formally announced full-service operations on Monday, following the official name change of its acquisition of local lender Tong Yang Savings Bank.
The Taiwan-based bank is among the five foreign banks granted access by the Bangko Sentral ng Pilipinas to operate in the Philippines under the latest round of liberalized foreign-bank entry in the country.
In a statement, Yuanta Savings Bank Philippines Inc., said it entered the Philippine market as an overseas subsidiary bank and vowed to actively seek to implement a “localized” business approach.
“In addition to local Filipino residents and Korean clients and nationals, Yuanta will also pursue target client groups, including top quality listed companies and Taiwan-funded enterprises across the Southeast Asia region,” the bank said.
The bank currently operates out of its headquarters and two other branches all in Metro Manila.
Yuanta Savings Bank Executive Vice President Allen Wu said while plans and strategies are already in place, specifically aimed at its target market, the lender is still in the process of “getting to know” Philippine financial consumers.