HSBC opens Davao branch, its first in Mindanao

DAVAO CITY — After 131 years in the country, the Hong Kong Shanghai Banking Corp. finally opened this week a new branch its first in Mindanao.

"Today is a special day as we mark a first in HSBC’s 131-year history in the Philippines. For the first time, we have stepped into Mindanao–a region of fascinating diversity and great economic potential," said outgoing HSBC Phils. CEO Warner Manning.

The London-based HSBC, founded in 1865,  is one of the world’s largest financial institutions with 9,500 offices in 79 countries and territories, manned by over 23,000 employees.

"With our presence now established in Davao, we have finally covered the entire archipelago from north to south after 131 years in the Philippines!," Manning said.

Manning said the opening of the Davao branch was delayed for about nine months because the bank had to look for a suitable location for its operations here.

"Like an explorer of new worlds, I can only imagine the great things that lie in store for HSBC," Manning said during the opening ceremonies here Monday night.

Mayor Rodrigo Duterte welcomed the opening of the first ever HSBC branch in Mindanao, citing it as an indication that the city is ready to accept more investments with the growing economic potentials in the region.

HSBC had only five branches in the Philippines prior to the opening of the Davao branch, four in Luzon and one in Cebu.

"When the opportunity to open a branch in Mindanao presented itself, we chose Davao as our preferred location. Why did we choose Davao? The answer is simple. Every businessman with a keen sense of the region will agree that Davao is the place to invest," the HSBC Phils. CEO stressed.

Manning cited the thriving business and retail environment of Davao City which makes it a leading growth center for trade, commerce and service in the south.

Davao City’s international airport and seaport have also been ranked among the busiest cargo hubs outside of Manila.

According to Rhodora Yap, HSBC branch manager here, the bank’s newest branch shall not only cater to the banking and other financial needs of those in Davao City but also those in nearby provinces which are also largely agriculture-based economies that are into export production of banana, mango, coconut and tuna.

"We foresee our clientele to be not only based in the city but we also would serve those in the adjacent areas," Yap told The STAR.