HSBC eyes business expansion in PH

Financial firm HSBC is eyeing to expand its business interests in the Philippines. 

President Ferdinand ''Bongbong'' Marcos Jr. on Thursday welcomed Mark Tucker, chairman of the Hongkong and Shanghai Banking Corporation (HSBC) Holdings plc, during a courtesy call at the West Room in Malacañang Palace. 

Tucker discussed HSBC’s keen interest in exploring opportunities to strengthen the partnership between the firm and the Philippine government. 

“Today, we are left, as one of the few international banks. But our commitment to the Philippines, and continuing to invest, continuing to work here remains absolutely intact,” Tucker told Marcos.

Tucker also expressed support for the government’s ongoing efforts to curb red tape and promote ease of doing business.

For his part, Marcos expressed his appreciation for HSBC’s continued business presence in the Philippines as he conveyed the government’s commitment to providing a conducive environment to further bolster the confidence of foreign investors in the country. 

“Thank you again for HSBC’s continued interest. We continue to encourage, well, the economy, actually, we’ve tried to open it up, we put very, we put much … on the fact that private partnerships are necessary,” Marcos said. 

HSBC has been operating in the Philippines for almost 150 years since it was established in the country in 1875. The bank currently has six branches and six wealth hubs in Manila, Cebu, and Davao.

It is ranked 14th as the largest universal bank and second as the largest foreign bank operating in the Philippines with core business segments: wholesale banking, market and securities services, and wealth and personal banking. 

—VAL, GMA Integrated News