106 ESTABLISHMENT OF SUB-BRANCHES OF FOREIGN BANK BRANCHES
a. Certified true copy of the resolution of the foreign bank’s board of directors authorizing the foreign bank’s country manager or highest ranking officer in the Philippines to apply for authority to establish sub-branch/es and represent the bank in connection therewith; and
b. Proposed business plan for the sub- branch/es.
a. Written notice to the appropriate supervising department of the Bangko Sentral of the actual date of opening of the sub-branch;
b. Proof or evidence of inward remittance needed to meet the additional capital requirements under Sec. 121 (Minimum capitalization), as applicable; and
c. Certification on compliance with Item “b” of Sec. 105 on the requirements for opening a branch/branch-lite unit.