Wu said HNCB was very much committed to the Philippines, adding that the Taiwanese bank would play an active role in the local banking industry, create job opportunities, share its knowledge and experience with local banking peers.
The HNCB chair likewise noted that the bank's expansion in the region was in line with the Taiwan government's 'south-bound' policy, which encourages corporations to seek expansion opportunities south of Taiwan.
is the ninth foreign bank and the fourth Taiwanese bank to enter the Philippine banking system.
FCB, HNCB and CHB each operate with a sufficient liquidity buffer with their regulatory liquidity reserve ratios of 36.6%, 27.6% and 24.3%, as at end-2009, respectively - outpacing the regulatory requirement of 7%.
Meanwhile, HNCB and CHB's IDRs factor in the continued expected strong government support, given the state's large ownership and the significant market standing of these banks.
For his part, HNCB Manila branch general manager Jeff Lai said in a press statement: 'The Manila branch will not only serve Taiwanese businesses, who are clients both in Taiwan and in the Philippines, but will also tap local/domestic customers, based on HNCB's tradition of helping small- and medium-sized businesses develop.'
Founded in 1919, HNCB is one of Taiwan's largest financial institutions with total assets of US$89 billion in 2016.