Chase Manhattan Corp. has obtained a license from Philippines' central bank to provide trust services here.
Chase already offers corporate trust services for project finance transactions and euro/Yankee bond issues. The added license allows the bank to provide other trust-related activities, such as escrow services, securitized and advisory services, collateral management related transactions, and access to investment management services.
Chase has more than $3 trillion of assets under administration, making it one of the largest worldwide providers of corporate and municipal trust services.
Chase has been steadily broadening its activities in the Philippines recently. One of the bank's predecessors, Manufacturers Han-over Trust Corp., first set up a representative office in Manila in 1961. Chase obtained an offshore banking license in 1977, while Chemical Banking Corp. obtained a full banking license in 1994, a year before merging with Chase.