Taipei, June 9 (CNA) The Financial Supervisory Commission (FSC), the top financial watchdog in Taiwan, has approved a plan by E. Sun Commercial Bank to set up a representative office in Yangon, Myanmar.
In light of the growing business ties between Taiwan and Myanmar, the bank wants to open an office in Yangon to gain a better understanding of the country’s financial market, the FSC said Friday in giving its approval.
E. Sun Bank, the banking arm of E. Sun Financial Holding Co., will now submit an application to the financial authorities in Myanmar to set up the office there, the FSC said.
So far, the only Taiwanese bank with a presence in Myanmar is First Commercial Bank, which has had a representative office in Yangon since 1998.
E. Sun Bank currently operates two overseas branches -- in Los Angeles and Hong Kong -- and will soon open another in Singapore, according to the FSC.
The bank also has a representative office in Ho Chi Minh City, Vietnam, and is preparing to upgrade its representative office in Dongguan, China, to a branch.
(By Wu Ching-chun and Frances Huang)