Fubon Financial Holding Co (
Fubon acquired International Bank last year to expand into China, which limits banking operations by foreign lenders. China agreed last June to offer banks from Hong Kong easier access to its markets.
"A lot of Taiwanese banks already have branches in China and our application isn't a new scenario" for the Chinese and Taiwanese governments, Richard Tsai (
"I don't think there will be any problems" in obtaining approval, he said.
Fubon's banking business accounted for 70 percent of its overall assets as of March 31, while its insurance, securities and other businesses took up the remaining 30 percent.
Tsai said Fubon has no plans to acquire a South Korean stock brokerage. Yuanta Core Pacific Securities Co (元大京華證券) was chosen last week as one of preferred bidders to acquire LG Investment & Securities Co, South Korea's No. 2 stock brokerage.
"We don't have these kinds of bid plans," Tsai said. "Korea is the market that in the future we are interested in."
Fubon has a venture with Samsung Securities Co, South Korea's largest stock brokerage, offering joint research and marketing services on Korean and Taiwanese companies to overseas fund managers.
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