ANZ establishes underwriting unit in the Philippines

ANZ authorised by SEC to engage underwriting of government and corporate securities in the country.

Australia-based commercial bank Australia and New Zealand Bank Group Limited (ANZ) is eyeing the local capital markets for its business, after a decision to put up an operations hub in the Philippines.

Documents from the Securities and Exchange Commission (SEC) showed that ANZ, Australia’s fourth largest bank, was awarded the license to establish an underwriting business in the Philippines.

As such, ANZ is allowed to engage in underwriting of government and corporate securities, and participate in underwriting syndications in the Philippines.

ANZ first established its business in the Philippines in 1990, and was awarded a commercial banking license for the Philippines in 1995. Early this year, the license was upgraded to universal banking which diversifies further its product offerings.

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