Sumitomo Mitsui Bank opens Manila branch

Sumitomo Mitsui Banking Corp. (SMBC) recently opened its local branch at the 21st Floor, Ayala Tower 1, Makati City. 

SMBC Manila is the first branch to be opened by a foreign bank in the country since the government enacted a new law in 2014 that allowed the full entry of foreign banks into the Philippines.

SMBC President Takeshi Kunibe said in Tokyo that the commencement of business of its Manila branch is part of its plan to expand its network in Asia.

The Philippines, with its abundant English proficient workforce and extensive investment incentives, is highly appealing to foreign investors and is expected to continue to achieve high economic growth, Kunibe said.

SMBC has been supporting its clients in the Philippines through a representative office since 1975.

The opening of the Manila branch will enable SMBC to provide a wide range of banking services to meet the financial needs of its clients and provide tailored support for the expansion of their business in the Philippines.

Speaking for SMBC during the opening, Shosuke Mori, managing director and head of SMBC Asia Pacific, said, “At Team SMBC, we feel a great responsibility to contribute to the communities which we are part of.”

“We look forward to building a brighter future and contributing to the economic development and success of the Philippines together with all of you,” he added.