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Strong bank fundamentals shielding Philippines, Asean

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British banking giant HSBC sees strong underlying banking fundamentals and “progressive” regulators serving as buffer for the Philippines and the rest of Southeast Asia against shock waves from a string of recent US bank failures. | Philbizwatcher /PDI

“And that’s why on various parameters, the market has been stable; the currency has been stable; and the BSP is very progressive as a regulator,” Uppal said.

Moving forward, HSBC is keen on growing its banking franchise in the Philippines, and not just the wholesale banking segment. Unlike other foreign banking peers that have given up their local consumer and retail banking operations, the HSBC officials said there was room to grow these businesses. One of the oldest foreign banks in the country, HSBC has been operating in the Philippines for 148 years.

 

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