MANILA, Philippines - Land Bank of the Philippines has opened a new branch in Binondo, Manila, with an eye on tapping the Filipino-Chinese market.
The Binondo branch will offer new Chinese Yuan (CNY) passbook savings and time deposit products. This will be the first LandBank branch to offer such yuan products to its clients.
"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," Landbank president and CEO Gilda E. Pico said in a statement.
For the CNY passbook savings account, the initial deposit requirement and minimum monthly average daily balance requirement is CNY 2,500.
For the CNY Time Deposit Account, an initial deposit of CNY5,000 is required, with a minimum 30 day-term and a maximum term of 364 days.
LandBank is hoping to offer these Chinese yuan products to other branches located in areas with significant Chinese communities and companies.
The Binondo branch, located along Quintin Paredes St., brings Landbank's total number of branches to 334 nationwide.
Pico said the bank is targeting to open 8 new branches this year.