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HSBC to boost Taiwan branch numbers

HSBC (匯豐銀行) yesterday heralded a nation-wide network of 44 branches, up from its former eight, following the completion of its acquisition of the Chinese Bank's (中華銀行) operations on Saturday.

"The acquisition ... which forms a cornerstone of our business in Taiwan, ties in closely with our goal of expanding and playing a leading role in the region," said Sandy Flockhart, CEO of the bank in Asia-Pacific, according to the bank's statement yesterday.

"The HSBC has long viewed Taiwan as an exciting market" and Asia's fourth largest banking market, said Alistaire Currie, the bank's head in Taiwan.

Upon necessary regulatory approvals, the bank may open another three branches, its statement said.

HSBC won the right in an auction, organized by the Central Deposit Insurance Corp, to acquire partial assets, liabilities and operations of the failed Chinese Bank.
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