MANILA - The Land Bank of the Philippines (Landbank) will be offering Chinese yuan products starting February this year, initially through its newly-opened branch in Binondo, Manila.
The pioneer yuan products, which will be launched on February 7, will be the passbook savings account and time deposit accounts.
Minimum deposit requirement for the savings account is CNY 2,500, while the time deposit account, which has a tenor of 30-day up to one-year, has a minimum placement of CNY 2,500.
Landbank President Gilda Pico said the decision to offer yuan-denominated products is aimed at establishing footing in the rising Filipino-Chinese market.
“We are pleased to offer these Chinese Yuan products as we see promising growth in the number of customers who are saving, investing, and trading in Yuan,” she said.
Landbank has tied-up with the Bank of China to provide a better yuan-related products. This partnership is set to be formalized next week.
Meanwhile, opening of the Binondo branch, which is the bank’s 334th branch nationwide, is in line with the bank’s expansion program this year.
To date, the bank has 213 branches in Luzon, 53 in Visayas, and 68 in Mindanao.
Landbank initially targets to open eight branches namely in Carmen, Pangasinan; San Fernando, Pampanga; Tuguegarao; Nasugbo, Batangas in the provinces and in Ortigas, Espana Blvd., and Government Service Insurance System main office in Pasay City.
“We welcome our 50th year poised for further growth and expansion as we seek to provide customers with convenient locations and easier access to banking products and services,” Pico added. (PNA)