MANILA, Philippines - RosinterBank, one of the biggest financial institutions in Russia, is looking at the possibility of buying in to a local bank.
Informed sources told the STAR that representatives from RosinterBank arrived in Manila early this month to explore prospects in the local banking industry.
According to sources, the Russian bank is trying to expand its presence in Asia as part of its globalization efforts.
“The Philippines is one of first in Asia that RosinterBank would want to look in to,” the sources said.
The representatives from RosinterBank, the sources said, met with officials from the Philippine Russian Business Assembly to discuss their investment initiatives.
The sources did not give the names of the banks that are in the list of RosinterBank but said these are “good ones”.
The Russia-based bank’s expansion in Asia is consistent with its goal to continually enhance its performance while maintaining its socially-oriented policies.
Established in 1990, Rosinterbank has two offices in Moscow and 28 more all over Russia. As of April 2012, the bank’s net assets stood at over 10 billion rubles.
RosinterBank, in 2010, became known for its “affordable education” providing financial assistance to over 70 state and private universities. This year, it plans to expand the program to include 200 universities.
Under Republic Act 7721, the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) may authorize foreign banks to operate in the Philippine banking system by acquiring or owning up to 60 percent of an existing bank; investing up to 60 percent in a new banking subsidiary incorporated under the laws of the Philippines; or establishing branches with full banking authority.
A foreign bank may own up to 60 percent of the voting stock of only one domestic bank or new banking subsidiary.
As of March 2011, there are 19 universal banks, 19 commercial banks, 73 thrift banks, 595 rural banks, 40 credit unions and 15 non-banks with quasi-banking functions licensed by the BSP under RA 8791, also known as the General Banking Act of 2000.