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.
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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.
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