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Manila Bulletin devider Business devider Banking & Finance devider Credit Suisse closes down rep office in Manila

Credit Suisse closes down rep office in Manila

Published Jul 17, 2024 06:44 am

Credit Suisse AG, a global investment bank based in Switzerland, has closed its representative office in the Philippines for undisclosed reasons.

Based on a Bangko Sentral ng Pilipinas (BSP) circular letter (CL No. 2024-035), signed by BSP Deputy Governor Chuchi G. Fonacier last July 8, the BSP said Credit Suisse has stopped its operations in the Philippines.

Fonacier in the memo said BSP’s policy-making arm, the Monetary Board, in its Resolution No. 709 issued on June 20, 2024, has “noted the cessation of operations of Credit Suisse AG Representative Office, Philippines. For information and guidance.”

Credit Suisse first set up its representative office in Manila in 2018. Operations started on June 18, 2018.

The representative office is a liaison office which deals directly with the public. The BSP limits its functions to promoting and providing information about the services and products offered by the representative office but should not include those of its affiliates.

Representative offices eventually are upgraded into full banking branches, in some cases in a year or two, after opening a marketing unit.

There are currently nine representative offices registered with the BSP. The lists include State Bank of India, Bank of Singapore, DBS Bank, Japan Bank for International Cooperation, Bank of Taiwan, Korea Eximbank, UBS AG Philippines, Rothschild (Singapore) and Ogaki Kyoritsu.

 

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