The bank’s application is still pending regulatory approval from the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, according to the local BusinessWorld, quoting Chuchi Fonacier, BSP’s deputy governor for supervision and examination sector.
The BSP is expected to give its decision in the next two months, Fonacier said, noting that Credit Suisse is in advanced stages of processing and is likely to get approval from the central bank.
FSA sought more information from Credit Suisse, but the firm did not reply in time for publication.
Credit Suisse is one of two proposals from foreign banks looking at establishing an on-the-ground presence in the Philippines, Fonacier said in the report, without naming the other bank.
The unnamed bank that filed an application with the BSP wants to set up a full-service branch in country instead of just having a representative office, according to the report.
Representative offices allow a foreign bank to set up a liaison desk, which is a link to the bank’s branches in the home country. The desk allows the bank to promote their products and services to locals in the Philippines, according to the report.
However, representative offices cannot take deposits, hand out loans or offer foreign exchange. There are currently 11 foreign banks that have representative offices in Manila.
The unnamed bank is said to be a Malaysian lender, according to a separate Business Mirror report, also quoting Fonacier.
Fonacier said that six more foreign banks have expressed interest in setting up in the country. Two are from Taiwan, two from China, one Indonesian and another Korean, according to the Business Mirror report.
She noted that the Taiwanese bank is interested in putting up an offshore banking unit, while the Korean bank is partnering with a local bank by buying equity.
