Duterte will open first OFBank branches in the UAE
Banking centers will be established at Philippine missions in Abu Dhabi and Dubai to serve overseas workers
Philippine President Rodrigo Duterte will visit Dubai and Abu Dhabi in the next few months to launch the new Overseas Filipino Bank.
Alex Buenaventura, the inaugural chairman of OFBank, said in a conference in Milan, Italy, on Saturday that Duterte will launch OFBank centers in his country’s foreign missions in the second quarter, Gulf News reported.
The initial OFBank centres will be located in the Philippine Embassy in Abu Dhabi and the Philippine Consulate in Dubai.
Buenaventura said the bank is expected to offer deposits, loans, investments and remittance and payment services to cater for the needs of overseas Filipino workers. There are about ten million Filipinos working and living overseas.
OFBank was established in January following the Land Bank of the Philippines’ acquisition of Philippine Postal Savings Bank. Duterte launched its head office in Liwasang Bonifacio in Manila on January 19.