South Korea’s Shinhan Bank is reportedly set to foray into the Philippine banking market after it received approval from the country’s central bank Bangko Sentral ng Pilipinas (BSP).
Shinhan Bank will open a branch in Manila in the third quarter of 2015 after completion of several procedures, including information technology setup, reported Business World Online.
According to the publication, the bank will apply localized business strategy based on its experience in Asian region, providing various financial services to both Korean and local corporations and the Korean community in the Philippines.
"The Philippines, the first country in ASEAN (Association of Southeast Asian Nations) region to establish diplomatic relations with Korea, has close ties with the country. More than 100,000 overseas Koreans are residing in the Philippines and one million tourists are visiting annually," the publication quoted the bank as saying.