THE FIRST foreign bank in the Philippines was established in Binondo, Manila in November 1875. The Hong Kong-Shanghai Bank branch stayed in the area until 1971, when it moved to Makati City. After the passage of the Foreign Bank Liberalization Act—a law allowing foreign banks to open more branches in the country—the bank reopened its Binondo branch in 1995. The Hong Kong and Shanghai Banking Corp. (HSBC) was also the first foreign bank to open a branch in Quezon City in 1999. Its subsidiary, HSBC Savings Bank (Philippines) Inc., operates a total of 16 branches in Metro Manila.
