BPI gets approval to open London subsidiary

Bank of the Philippine Islands, the country's second-largest lender, will soon be opening a subsidiary in the United Kingdom, after its expansion plan was recently approved by financial officials in London. In a disclosure to the Philippine Stock Exchange on Monday, BPI, the banking unit of Ayala Corp., said the Financial Services Authority in London has approved its application to set-up a wholly-owned bank subsidiary- the Bank of the Philippine Islands (Europe), PLC. Aurelio Montinola, BPI president, earlier told reporters that the company is eyeing to open a branch in London within the year. He said this may be the company's take-off point for penetrating the European market. According to the latest government data, there are roughly 16,930 Filipinos based in the United Kingdom. - Cheryl Arcibal, GMANews.TV