The Philippine Business Bank (PBB), the banking arm of the Zest-O Group owned and controlled by business tycoon Amb.. Alfredo M. Yao, was recently granted the authority to issue foreign letters of credit (LC) and pay/accept/negotiate import/export drafts/bills of exchange by the Bangko Sentral ng Pilipinas (BSP).
PBB thus becomes the first savings bank to be able to service trade finance transactions which until now have been an exclusive domain of commercial banks and uni-banks.
Early this year, BSP released Circular 650 which paved the way for qualified savings banks to go into the trade finance business. Among the major requirements are minimum capital, adherence to BSP rules and regulations, strong financials, quality management and a qualified and experienced team to run the trade finance business.
The receipt of this license boosts the strategic activities of PBB which has been catering mainly to the financial requirements of businesses, be they small, medium or large-size. PBB has serviced the short term as well as the long term financing needs of clients engaged in trading , manufacturing or agri-business, services and real state development.
Already this year, it has made its presence in the key business centers of the country outside of its traditional area of concentration in Metro Manila, especially in the CAMANAVA and Binondo areas. Such branches include those in Davao, Cagayan de Oro, Cebu, Batangas, Tarlac, Pangasinan, Pampanga, Nueva Ecija, Bulacan, Laguna, La Union and Baguio. Soon to open are those in Naga, Bacolod and Iloilo. Eventually, PBB shall have 55 branches nationwide.
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