Japan’s Sumitomo Mitsui Banking has secured approval from the Philippines’ central bank Bangko Sentral ng Pilipinas (BSP) to set up a branch in Manila.
The branch will provide financial services to Japanese manufacturers and Philippine companies affiliated with big conglomerates.
It will offer various basic services such as deposits, loans and foreign currency trading, apart from trade financing and cash management services.
The bank said in a statement, "The opening of our Manila branch will enhance [Sumitomo’s] ability to provide a wide range of banking services and support clients expanding their business in the Philippines."
The new branch, scheduled to open by mid-2015, will have a workforce of 40-50.
The move is yet to get the go ahead from Japanese regulatory authorities.