BPI to open more branches in Italy, Spain

The Bank of the Philipine Islands (BPI) will open two more full branches in Italy and Spain by next year to cater to the growing needs of overseas Filipino workers (OFWs).

BPI senior vice president Teresita B. Tan said that with the approval of its full bank license from the Financial Services Authority (FSA) in London, the process of opening other full bank branch licenses in other members of the European Union becomes a matter of course.

It will take at least four months for the entire process of getting full banking licences in the two countries, and a few more months to establish the full physical presence of the branches in each country.

Tan explained that aside from making the necessary representations with the authorities of Spain and Italy, they will also seek the endorsement of the FSA.

“The FSA informed us that a system of passporting implemented among the members nations of the European Union will facilitate the issuance of full bank branch licenses in Spain and Italy,” the BPI official explained. “Of course, we will also have to fullfill the other basic requirements of the host countries.”

Actually, BPI already operates remittance offices in both European nations. It will only have to remodel the physical centers into a full bank branch after it gets the nod from the respective authorities.

Tan said that they will go all out by January next year “as we still have our hands full with our new London branches.”

Recently, the FSA issued a full bank license to Bank of the Philippines Islands PLC, a full subsidiary of BPI, to operate two branches in London.

“That means we can now offer all kinds of banking products and services to Filipinos and Philippine companies and conglomerates doing business in the United Kingdom and the rest of Europe,” the BPI official said.

BPI recorded remittance businesses worth P2.8 billion last year from P2.4 billion in 2005. It was recognized as the leading Philippine commercial bank with the biggest contributions in the remittance business for two consecutive years.