Central Banking

Philippine cb expects more bank consolidation

Philippine central bank governor Amando Tetangco told reporters on Thursday 18 August he expects the banking sector to continue consolidating this year.

"Our approach to this is market-driven. We want to see fewer but stronger banks," Tetangco told reporters late Thursday.

Tetangco said the existing moratorium on bank branch licensing continues, and he expects that to push banks keen on expansion to acquire other banks.

The governor's comments follow three major developments in the local banking

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