ICBC interested in Philippine expansion

Reports from the Philippines are suggesting that the Industrial and Commercial Bank of China (ICBC) is planning to set up operations in the country as part of a global expansion strategy.

The deputy governor of the Philippine central bank, Nestor Espenilla, is quoted in the country's press as confirming ICBC's receptiveness to establishing a presence in the southeast Asian country but also emphasising the exploratory state of current dialogue. It is also understood that finance undersecretary Gil Betran allegedly confirmed to one of the country’s business publications that representatives of the Chinese bank have visited the Philippines and met with central bank officials with the intention of studying the country's investment laws.

The relevant laws regulating investment in the Philippines stipulate that as much as 60% of a domestic bank can be acquired to establish a foreign bank’s presence in the country.

The Philippine economy is displaying signs of growth, with the central bank approving an increase of nearly 16% in the country’s financial contribution to the 185-member International Monetary Fund (IMF) last week.