The BSP announced in a circular the closure of the banking units and offices of 5 foreign banks in the Philippines as of June 15, 2012:
the offshore banking units of:
- American Express Bank Ltd.
- Societe General (based in Paris, France)
- Union Bank of California N.A.
the representative offices of:
- First International Bank (North Dakota)
- Fortis Bank (subsidiary of BNP Paribas in Belgium)
It was reported that the offshore assets of these banks were sold off to generate or improve liquidity in their parent companies which have been affected badly by the financial crisis in Europe and the U.S.
Source: BSP Circular Letter No. CL-2012.048, signed by BSP Deputy Governor Nestor A. Espenilla Jr., July 3, 2012