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Taiwan banks announce new overseas operations

2014/05/09 18:56:53

Taipei, May 9 (CNA) Two Taiwanese banks announced Friday plans to expand their respective overseas presences, with one setting up operations in Yangon, Myanmar and the other in Brisbane, Australia.

Cathay Financial Holding Co. said it has obtained approval from the Central Bank of Myanmar to set up a representative office for Cathay United Bank in Yangon, which the parent company expects will open during the third quarter this year.

The company already has a presence in six countries in Southeast Asia, with subsidiaries in Cambodia and in Vietnam and Cathay United Bank branches and offices in Vietnam, Singapore, Malaysia, Thailand and the Philippines, it said.

The company's life and property insurance arms have also established operations in Vietnam.

Cathay Financial is now waiting for permission from local regulators after Taiwan's Financial Supervisory Commission (FSC) approved plans to set up a branch in Vientiane, Laos and an representative office in Jakarta, Indonesia.

In a separate announcement, Taiwan Business Bank said its branch in Brisbane, the bank's second in Australia and fifth abroad, is scheduled to open Wednesday.

The bank said it chose Brisbane because it is the Australian city with the most rapid growth in terms of the economy and population.

The bank said that in addition to its existing branches in Sydney, Shanghai, Hong Kong and Los Angeles, the FSC approved on April 29 an application to set up a new branch in New York.

Taiwan Business Bank is also planning to establish a micro-finance company in Cambodia and will consider expanding operations to Southeast Asia, it said.

(By Tien Yu-pin and Kay Liu)