Dec 06, 2012
December 3rd 2012 – Mizuho Corporate Bank, Ltd. (MHCB; Yasuhiro Sato, President & CEO) signed a business cooperation agreement with the Bank of the Philippine Islands (BPI; Aurelio R. Montinola III, President) on December 3, 2012. The agreement covers a wide range of fields including commercial banking business and investment banking business.
The agreement aims to enhance our ability to provide information to Japanese corporations that are considering expanding their businesses into the Republic of the Philippines, and enhance our service structure for them when they do. Specifically, we will (1) offer local currency services, (2) introduce local business partners and local purchasers, (3) cooperate in relation to developing local bond markets, and (4) exchange information regarding local financial markets and regulations. BPI is part of the Ayala Group, which is a major Philippine conglomerate, and it is the third-largest financial institution in the Philippines in terms of asset size. It has the largest branch network in the Philippines (over 800 branches) and provides a wide range of financial services together with its group securities company.
On the back of strong economic growth and political stability, the Philippines is drawing attention as an attractive investment destination, and increasing numbers of Japanese corporations are expanding their businesses into the Philippines market. MHCB will use this business cooperation agreement as an opportunity to provide support for the diverse needs of our customers that are considering entering the Philippines together with other Mizuho group companies including Mizuho Bank, Ltd.
At the same time as signing this business cooperation agreement with BPI, we also signed a business cooperation agreement, which aims to attract investment in the Philippines from Japanese corporations, with the Philippines Economic Zone Authority.
Re-disseminated by The Asian Banker