The Hong Kong and Shanghai Banking Corporation (HSBC) paid a courtesy visit to President Ferdinand R. Marcos Jr. at the Malacañan Palace on Thursday where its officials signified their commitment to support the government’s economic agenda and continue to invest in the Philippines.

“Today, we are left, as one of the few international banks. But our commitment to the Philippines, and continuing to invest, continuing to work here remains absolutely intact,” HSBC Holdings Group Chairman Mark Tucker told President Marcos.

Tucker informed President Marcos that HSBC is interested in expanding its investment in the Philippines, particularly on Foreign Direct Investment (FDI), saying it “supports FDI by a number of different ways.”

The HSBC has been operating in the Philippines for almost 150 years since it was established in the country in 1875. The bank currently has six branches and six wealth hubs in Manila, Cebu and Davao.

It is ranked 14th as the largest universal bank and second as the largest foreign bank operating in the Philippines with core business segments: wholesale banking, market and securities services, and wealth and personal banking.

For his part, President Marcos acknowledged the significant contributions of HSBC to the Philippine economy pointing out the “interconnections” it has made in the Philippines that “will bring about all these synergies.”

“Thank you again for HSBC’s continued interest. We continue to encourage, well, the economy, actually, we’ve tried to open it up, we put very, we put much … on the fact that private partnerships are necessary,” Marcos said.

The President added the private sector is among the country’s great economic partners. PND