Korea Development Bank closes liaison office

MANILA, Philippines — Korea Development Bank has decided to close its representative office in Manila, according to the Bangko Sentral ng Pilipinas (BSP).

BSP Deputy Governor Chuchi Fonacier said the Monetary Board has issued Resolution 453 announcing the cessation of operations of the Manila office of Korea Development Bank.

Korea Development Bank opened its representative office in the Philippines in July 2014 to provide financial advice and information to Korean companies relocating their manufacturing activities to the country.

The authorized representative offices serve as liaison offices to promote and provide information about the services or products offered by the foreign banks, but may not transact banking business, such as acceptance of deposits, issuance of letters of credit and foreign exchange trading.

Korea Development Bank was founded in 1954 in accordance with The Korea Development Bank Act for the purpose of supplying and managing major industrial capital to develop Korean industries and its national economy.

Aside from the Philippines, the state-owned bank has representative offices in Germany, Myanmar, Vietnam, Russia, Australia, United Arab Emirates, Thailand, and Indonesia. Its overseas branches are located in Japan, United Kingdom, US, Singapore as well as Beijing, Shanghai, Guangzhou, Shenyang, and Qingdao all in China.

With the closure of Korea Development Bank, there are 12 remaining foreign banks operating representative offices in the Philippines.

These are the Bank of Singapore Ltd. Philippines, Bank of Taiwan, Credit Suisse AG, DBS Bank Ltd, Japan Bank for International Cooperation, Korea Eximbank, Rothschild (Singapore) Ltd, State of India, The Bank of New York Mellon, The Ogaki Kyoritsu Bank Ltd, UBS AG, and Wells Fargo Bank National Association.