PBB gets trade finance license

MANILA, Philippines - The Philippine Business Bank (PBB), the banking arm of the Zest-O Group, was granted the authority to issue foreign letters of credit (LC) and pay/accept/negotiate import/export drafts/bills of exchange by the Bangko Sentral ng Pilipinas (BSP).

Early this year, BSP released Circular 650 paving the way for qualified thrift banks to go into the trade finance business. Among the major requirements are minimum capital, adherence to BSP rules and regulations, strong financials, quality management and a qualified and experienced team to run the trade finance business.

The trade finance license boosts the strategic activities of PBB, which has been catering mainly to the financial requirements of businesses. PBB has serviced the short-term as well as the-long term financing needs of clients engaged in trading, manufacturing or agri-business, services and real state development.

The thrift bank has branches in Metro Manila as well as Davao, Cagayan de Oro, Cebu, Batangas, Tarlac, Pangasinan, Pampanga, Nueva Ecija, Bulacan, Laguna, La Union and Baguio. It will soon open branches in Naga, Bacolod and Iloilo.