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RCBC FORGES BUSINESS COOPERATION AGREEMENT WITH JAPAN'S RESONA BANK

RCBC, the country's fourth largest private universal bank in terms of capital, recently entered into a business cooperation agreement with Resona Bank, Ltd. of Japan. A part of the Resona Group, Resona Bank is likewise the fourth largest banking group in Japan. The Agreement aims to give customers of Resona Bank access to banking services (including loans to their subsidiaries) in the Philippines through RCBC.

With more and more Japanese business groups now going into the other Asian markets, Resona exerts efforts to strengthen its business tie-ups with partner banks overseas in order to meet its customers' local banking needs. For instance, the one it finalized with RCBC will provide Resona Bank clients in the Philippines access to banking services as they operate in the country.

"We are pleased to announce that we had entered into a Business Tie-up with RCBC to fulfill the expectations of our customers in Philippines, where Japanese companies have been expanding," Resona Bank (President Naoki Iwata) said.

RCBC is a member of multi-industry conglomerate Yuchengco Group of Companies. It is a strong player in export processing zones which allows it to serve a huge base of Japanese locators in such zones. RCBC also operates some 389 branches and provides its own Japanese desk which offers many and varied services to Japanese corporations. The RCBC Japan desk was set up in the RCBC Headquarters in Makati City to provide business consultations in Japanese. The new deal will enable Resona customers to tap on RCBC’s banking services including loans and trade finances in local currency (Philippine Peso).

Outside of the Philippines, Resona Bank has been in partnerships with financial institutions in China, Hong Kong, Taiwan, Korea, Thailand, Vietnam, Singapore, Malaysia and India. At the same time, Resona Bank had set up representative offices in Shanghai, Hong Kong, Singapore and Bangkok, and is known for excellent service. In Indonesia, Resona offers customers a wide range of services through its full banking subsidiary P.T. Bank Resona Indonesia, which has been operating for 50 years now.