Monday, 13 August 2007

Philippine banks doing well in Europe

ugust 12, 2007 Updated 22:03:19 (Mla time) Doris Dumlao Inquirer
ROME – From the blue-collar workers shuffling multiple household jobs in Italy to the well-heeled medical professionals in the UK, an increasing Filipino diaspora is settling in Europe. And this makes the pastures in the old world greener for Philippine banks too.

Coming from a developing country where the cost of funds is very high, Philippine banks flock to cities where large Filipino communities are. Since it is especially costly to establish a physical presence in Europe than in most other continents, these banks seek their natural niche.

"It's like you're running after them," Isabelita Manalastas-Watanabe, Philippine National Bank first SVP and head of operations in Europe, Israel & African continent, said in an interview with Philippine Daily Inquirer, parent company of [Read more]

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