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Taiwan Cooperative Bank to open eighth branch in Cambodia

2018/11/16 16:31:27

Courtesy of TAITRA

Taipei, Nov. 16 (CNA) Taiwan Cooperative Bank (TCB) said Friday it has decided to open another branch in Cambodia to expand its reach in the emerging market.

The sub-branch will be established in Tuol Kouk, a district in the city of Phnom Penh, bringing the number of TCB branches in Cambodia to eight.

On its website, the bank said it already has five branches or sub-branches in the Cambodian capital Phnom Penh, one sub-branch in Siem Reap, and another in Sihanouk Ville.

The Tuol Kouk sub-branch is expected to help TCB, the banking arm of Taiwan Cooperative Financial Holding Co., provide better services in northern Phnom Penh.

TCB Chairman Lei Chung-dar (雷仲達) told the press Friday that the bank sees Phnom Penh as a hub from which it can expand north and south in Cambodia, extending its reach in the emerging market.

Cambodia has a relatively stable political environment, a large young population, and a booming economy that is forecast to grow 6.8 percent in 2018, he said.

The new TCB sub-branch will serve not only Taiwanese investors but also Cambodian enterprises and individuals, providing services such as syndicated loans, credit lending and property mortgages, Lei said.

Cambodia is one of the targeted countries in the Taiwan government's New Southbound Policy, which is aimed at reducing economic dependence on China.

The New Southbound Policy, launched by the administration of President Tsai Ing-wen (蔡英文), seeks to promote better relations with the countries in South Asia and Southeast Asia, as well as Australia and New Zealand.

(By Tien Yu-pin and Frances Huang)