ANZ receives unibank license from Philippines' central bank

ANZ became the first foreign bank to be granted universal status by Bangko Sentral ng Pilipinas.

BSP Governor Amando M. Tetangco Jr. Wednesday confirmed ANZ Philippines new authority as a unibank.

ANZ Philippines has asked the Bangko Sentral ng Pilipinas (BSP) to upgrade its current status and authority as a commercial bank since as a unibank, it can explore investments in non-allied sectors, according to a report in Manila Bulletin.

BSP requires all unibanks to have a minimum capital of P5 billion while commercial banks should have at least P2.5 billion.

As both a commercial and unibank, ANZ Philippines offers a broad range of deposit accounts, including checking, savings and could also offer time deposits and loans to corporations and individuals. Specifically as a unibank, it now has authority to operate as an investment house and is allowed to invest in non-allied enterprises, such as infrastructure projects.