Taiwan's Cathay United Bank gets ok to open Philippine branch

April 9, 2015 5:54 AM

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MANILA/TAIWAN, April 9 (Reuters) - The Philippine central bank has given Taiwan's Cathay United Bank the go ahead to upgrade its representative office in the country to a full-service branch, making it the third foreign bank to benefit from a new law that eased the entry of outside lenders.

Deputy Governor Nestor Espenilla said the central bank's policy-making monetary board approved the application on Wednesday.

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