WELLS FARGO & Co. has closed its representative office in the country, the Bangko Sentral ng Pilipinas (BSP) said on Friday.
Circular Letter No. CL-2021-045 signed by BSP Deputy Governor Chuchi G. Fonacier said the Monetary Board on June 3 noted the decision of Wells Fargo Bank, N.A.-Manila Representative Office to close its operations effective May 31.
In 2011, Wells Fargo started its operations in Manila which evolved to include services such as risk, project management, data analytics, finance and accounting. Its local office was located in Bonifacio Global City, Taguig.
Wells Fargo is also a remittance partner for major local financial institutions including BDO Unibank, Inc., Philippine National Bank, Bank of the Philippine Islands, Metropolitan Bank & Trust. Co., as well as M Lhuillier Financial Services, Inc. and Cebuana Lhuillier.
Last year, Bloomberg reported that Wells Fargo & Co. was planning to cut their workforce in the Philippines to move some jobs to India and refocus their technology employees in fewer locations.
Representative offices of foreign lenders serve as liaison offices that allow them to promote their services or products to the local market.
Citigroup, Inc. also announced in April that it will leave its consumer banking business in 13 Asia-Pacific markets, including the Philippines, but will continue to maintain a corporate banking presence. — LWTN