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FSC releases bank branch applications

The nation's financial regulator said yesterday that several foreign lenders in Taiwan have applied to open more branches following the re-opening of the auction last month, in a bid to expand their retail banking operations.

Up to three overseas lenders have applied to set up a combined four outlets across the nation, while another eight local rivals applied for a total of 20 branch licenses, Financial Supervisory Commission (FSC) spokeswoman Susan Chang (張秀蓮) told a press conference yesterday.

The regulator is reviewing the applications and expects to announce the results at the end of this month or early next month, Chang said.

UBS AG said yesterday that they had filed applications two weeks ago to set up two more outlets in Taichung and Kaohsiung.

The FSC declined to name the other two foreign banks.

The financial watchdog said last month that it would resume issuing branch licenses after years of a freeze that aimed to expedite the consolidation of the nation's fragmented banking sector.

Only 10 licenses a year are being made available to qualified local lenders.

There is no such cap for foreign banks in Taiwan and a decision will be made on the merits of each case, Chang said. There will be no favoritism shown in the the number of license granted to foreign and local banks, she said.
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