Hua Nan Bank opens first branch in Philippines

MANILA, Philippines - Taiwan-based Hua Nan Bank Commercial Bank Ltd. (HNBC) has officially opened its first branch in Manila nine months after it secured the go-signal from the Bangko Sentral ng Pilipinas (BSP) to enter the Philippines.

This is the ninth foreign bank and the fourth Taiwanese bank to enter the Philippines since former president Benigno Aquino III signed Republic Act 10641 which allowed the full entry of foreign banks into the country.

Wu Tang Chieh, HNCB chairman cited the strong bilateral and trade relationship between Taiwan and the Philippines, and emphasized the importance of the Philippine market to achieve the bank’s vision to become a first-class regional bank in Asia.

“The Philippines has always been on the top of Hua Nan’s agenda as an important gateway among Asian countries,” he said during the Manila branch’s launching.

“By opening a Manila branch, not only we will provide complete brand of purpose and better service for all customers, but also, we can play an active role in contributing to the local banking industry by creating job opportunities and sharing of knowledge and experience with local banks,” Wu Tang Chieh said.

He said Hua Nan Bank is committed to provide the best class of service both to Taiwanese and Filipino customers, and eventually create a mutually beneficial situation for both countries.

Hua Nan Bank Manila General Manager Jeff Lai said the branch will not only serve Taiwanese businesses in Taiwan and the Philippines, but also tap domestic customers, particularly the small and medium enterprises.

Incoming BSP Governor Nestor Espenilla said the opening of another foreign bank in the country would provide economic benefits for the Philippines, including the generation of more foreign direct investments, financing opportunities for infrastructure projects, employment, and quality competition in the industry.

The Manila branch is the 14th overseas branch of HNCB.

Founded in 1919, HNCB is one of Taiwan’s largest financial institutions with total assets of $89 billion in 2016.

It has a service network if 186 branches in Taiwan and across five continents with more than 2,200 correspondent banks.