ICBC opens Manila branch

MANILA, Philippines — Beijing-based Industrial and Commercial Bank of China Ltd. (ICBC), the world’s largest bank in terms of assets with $4 trillion, has finally opened its branch in the Philippines.

In a circular, Bangko Sentral ng Pilipinas Deputy Governor Chuchi Fonacier announced the start of the operations of ICBC – Manila branch last Feb. 14.

Fonacier said the central bank’s Monetary Board gave ICBC the green light to establish a branch in the country with a commercial banking license.

The ICBC – Manila branch was registered with the Securities and Exchange Commission (SEC) on Aug. 2, 2018 and obtained its certificate of authority to operate as a commercial bank from the BSP on Nov. 7, 2018.

It is the first Chinese and 12th foreign bank given the green light to open a branch in the Philippines since the banking industry was fully liberalized through Republic Act No. 10641 signed by former president Benigno Aquino III in July 2014.

ICBC is the world’s largest bank in terms of assets with $4 trillion followed by China Construction Bank Corp. with $3.4 trillion, Agricultural Bank of China with $3.28 trillion, Bank of China with $2.99 trillion, and Mitsubishi UFJ Financial Group of Japan with $2.78 trillion.

It was established in January 1984 and has developed into one of the top large listed banks in the world, possessing an excellent customer base, a diversified business structure, strong innovation capabilities and market competitiveness and providing comprehensive financial products and services.

Fonacier earlier said more foreign banks are looking at setting up branches and representative offices in the Philippines on the back of the country’s sound macroeconomic fundamentals.

The 11 other foreign banks allowed by the BSP to open branches in the Philippines since the industry was fully opened up to foreigners are Taiwan’s Hua Nan Commercial Bank Ltd., Cathay United Bank, Yuanta Bank, First Commercial Bank, and Chang Hwa Bank Commercial Bank Ltd.; Korea’s Shinhan Bank, the Industrial Bank of Korea, and Woori Bank; Sumitomo Mitsui of Japan; United Overseas Bank Ltd. of Singapore, and CIMB Bank of Malaysia.