The Ayala-controlled Bank of Philippines Islands is seeking a third foreign currency deposit unit license from the Bangko Sentral ng Pilipinas for its thrift bank subsidiary that will focus on Filipino migrant workers’ market.
BPI Direct Savings Bank president Raul Dimayuga said the FCDU license would help facilitate remittance flows from Filipino migrant workers and give them the option to maintain a dollar account.
BPI and subsidiary BPI Direct Savings Bank said the group’s 24 percent to 25 percent share of the remittance business would grow further with the expansion of BPI Direct Savings Bank.
Dimayuga said BPI Direct Savings Bank, the electronic bank of the Ayala-controlled bank, would be repositioned for the Filipino migrant workers’ market.
BPI Direct Savings Bank yesterday launched its BPInoy program aimed at the Filipinos working abroad and their beneficiaries, offering a “pabaon” package that bundles a savings account with a credit card and round-the-clock financial counseling services. Eileen A. Mencias
http://www.manilastandardtoday.com/?page=business04_june24_2006
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