SMBC expands into the Philippines
(4 September 2015 – Japan) Sumitomo Mitsui Banking Corporation (SMBC) this week announced the opening of its first Philippine branch in Makati City.
SMBC Manila is the first branch to be opened by a foreign bank in the country since the Philippine government enacted a new law in 2014 that allowed the full entry of foreign banks into the Philippines.
SMBC president, Mr Takeshi Kunibe said in Tokyo that the commencement of business its Manila Branch in the Philippines was part of its plan to expand its network in Asia.
“The Philippines, with its abundant English proficient workforce and extensive investment incentives, is highly appealing to foreign investors and is expected to continue to achieve high economic growth.” Kunibe said.
SMBC has been supporting its clients in the Philippines through a representative office since 1975. The opening of Manila Branch will enable SMBC to provide a wide range of banking services to meet the financial needs of its clients and provide tailored support for the expansion of their business in the Philippines.
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