MANILA, Philippines - Metrobank China Ltd. (MBCL) became the first foreign bank in Quanzhou, a fast growing city in Fujian province, with the inauguration of its fifth branch in China last week.
Government and business leaders lauded the opening of the branch by Metrobank, the only Philippine bank licensed to operate as a wholly owned enterprise in China.
They acknowledged not just the contribution to trade cooperation between the two countries but also to the enhancement of the local banking system which can learn from the international experience of the financial institution which EuroMoney has named as the best bank in the Philippines in the last three years.
Besides prominent leaders of the local government and business community, guests from the Philippines attended the event, including guest of honor Speaker Feliciano Belmonte Jr., who addressed the gathering and recognized the integral role of private sector groups in creating mutual opportunities for growth and development between the nations.
Chinese Ambassador Ma Keqing, who also flew in for the occasion, said in her remarks that it was unprecedented for a Chinese envoy to come to China as a guest for a commercial event.
She expressed support for the trade and economic endeavors between the Philippines and China.