Taiwan’s Cathay United Bank gets BSP OK to Upgrade Rep Office
Taiwan’s Cathay United Bank has obtained the Bangko Sentral ng Pilipinas’ (BSP) nod to upgrade its representative office in the country to a full-service branch, making it the third foreign bank to expand its presence in the Philippines following the passage of a law that removed caps on foreign ownership.
Under the new approved capitalization requirement for local banks, Cathay is required to put up an initial capital equivalent to PhP2.2 billion to comply with the minimum requirement for a commercial bank license with a single unit.
Source: The Philippine Star