The Monetary board of the Bangko Sentral Ng Pilipinas has given its assent to HSBC's purchase of PCIB Savings Bank. PCIB Savings Bank is a thrift bank, one of the four owned by Equitable PCIBank. The latter is the Philippines' third largest bank by assets which was formed by the merger of Equitable and PCIBank which was formalized early this year. HSBC is the 13th largest bank by assets operating in the country.
The decision shows a positive liberalization mindset on the part of the Monetary Board MB - the highest monetary policy making body in the country - as it had to find a loophole in the banking laws...
