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Taiwan Cooperative Bank to open Cambodia branch

2012/09/08 22:50:49

Taipei, Sept. 8 (CNA) Taiwan Cooperative Bank, the banking arm under Taiwan Cooperative Financial Holding Co. Ltd., received the green light from Cambodia's central bank to open a branch in the capital city of Phnom Penh, the bank said Saturday.

Cambodia, a member of the Association of Southeast Asian Nations, has became an investment hot spot in recent years as many Taiwanese businesses operating in China have shifted their operations from China to Cambodia due to lower costs, the bank said.

The new branch, which is expected to be opened within six months, will offer services including deposit business, lending and foreign exchange business. The branch will target not only Taiwanese businessmen but also local residents and enterprises.

Over the years, the bank has been aggressively expanding its presence overseas, opening a branch in Suzhou, China in 2010 and one in Sydney, Australia the following year.

Beside the two recently established branches, the bank's business network covers Hong Kong, Beijing, Tianjin and Manila in the Asia Pacific region, Seattle and Los Angeles in the United States, and Brussels in Europe.

(By Tien Yu-ping and Hanna Liu)