Japanese banking giant Sumitomo Mitsui Banking Corporation, (SMBC), have officially commenced business in the Philippines with the opening of their Manila branch.
The SMBC Manila branch is the first branch to be opened by a foreign bank since the Government of the Philippines enacted a law allowing full entry of foreign banks into the country.
A Sumitomo spokesperson commented that the Philippines with its abundant and proficient workforce and extensive investment incentives is highly appealing to overseas investors and is expected to continue on its current path of high economic growth.
The Japanese bank has been supporting clients in the Philippines through a representative office since 1975. With the opening of the full Manila branch it will enable SMBC to provide a wide range of banking services and provide tailored support to clients as they expand their business across the South East Asian country.
