ABN-Amro eyes comm'l bank license

ABN-Amro of Netherlands will convert its savings bank into a commercial bank in due time, a ranking bank official said Tuesday night.

During the inauguration of ABN Amro Savings Bank, ABN Amro N.V. senior vice president Carmelo Bautista told The STAR that they intend to beef up their operation in the country by owning a commercial bank.

"In the future that part of our plan (to expand) will depend on the passage of the GBA," Bautista said, stressing that their decision to expand would depend on the opportunities that the amendments to the General Banking Act (GBA) would provide.

The new GBA allows foreign banks to own 100-percent equity in an existing local bank, whether it is distressed or a healthy bank. The law will take effect 15 days after its publication in leading dailies.

"We are still waiting for the final copy of the signed GBA. Until then we cannot comment on our plans" he said.

Bautista said they have yet to study the conditions tied to the new banking law. "What about the other conditions (aside from owning 100 percent of a local bank,, he said.

Bangko Sentral ng Pilipinas (BSP) Gov. Rafael Buenaventura, who was the guest of honor during the blessing of the bank's new headquarters, said the BSP is looking forward to seeing ABN Amro play a significant role in the local banking industry.

"ABN Amro has been very aggressive. They are just waiting for the amendments to the GBA," the BSP chief said.

According to Bautista, so far, ABN Amro has a full range of products and services to offer to the public.

"We have full range of presence here. In terms of products and services, it is now a whole spectrum of products in three major sectors," Bautista said.