Hua Nan Commercial Bank (HNCB), the banking subsidiary of Taiwan-based Hua Nan Financial Holding Co. opened its first branch here in Manila on June 14, 2017. It was officially opened nine months after the approval of the Philippine Central Bank (BSP) in September last year. Manila branch is HNCB fourteenth overseas branch.
In accordance to Republic Act (RA) 1,046, or the bill that allows foreign banks to enter the home country, HNCB is the ninth foreign bank and fourth Taiwan bank to enter the Philippines. This RA was signed by the former President Aquino III last July 2014 and lifted the restrictions on foreign banks entering the country.
The General Manager of HNCB, Jeff Lai said, "The Manila branch not only serves Taiwanese business in Taiwan and in the Philippines, but will also be based on HNCB's objective of helping small and medium-sized business development to assist local domestic customers."
"We know that with continuous development of the Philippines, other foreign banks will also invest. Despite the challenges in the global economy, the Philippines remains to be one of Asia's fastest growing economies." said Mr. Wu Tang Chieh, Chairman of HNCB.
Hua Nan Commercial Bank was founded in 1919, two more years until its 100th anniversary. It is one of Taiwan's largest financial institutions. In 2016, it had a total assets of 248.9 billion TWD or $89 billion. Its network of services in Taiwan has a total of 186 branches and more than 2,200 agents on five continents.
