E. Sun Commercial Bank (玉山銀行), the banking arm of E. Sun Financial Holding Co (玉山金控), yesterday opened a branch in Singapore as the Taiwanese lender aims to tap into the fast-growing Southeast Asian markets.
The expansion made E. Sun Bank the ninth Taiwanese lender to establish a branch in the city-state, attracted by its increasing importance as a regional financial hub, E. Sun Financial president Joseph Huang (黃男州) said in a statement.
“Riding on the trend of thriving business opportunities and economic power in ASEAN markets, E. Sun Bank has chosen Singapore as the location of its first branch in Southeast Asia,” Huang said. “The new branch will serve as the bridgehead for its [the bank’s] advancement into the region.”
As a prominent financial center and foreign exchange market in Asia, Singapore provides a great opportunity for the bank to meet its customers’ diversified financial needs, Huang said.
The Singaporean branch will join the lender’s 130 Taiwanese branches and overseas network in Hong Kong, China and the US in offering syndicated loans, treasury investment and wealth management services, the bank president said.
The branch will also provide deposit, remittance, trade services, factoring, and commercial loans for corporate and individual customers, he added.
E. Sun Bank, the main source of income for the conglomerate, has been aggressively expanding its scale of businesses at home and in the Asia-Pacific region in recent years. It acquired Chu Nan Credit-Cooperative Association (竹南信用合作社) last year and Chiayi Fourth Credit Cooperative Association (嘉義第四信用合作社) this year to boost its presence in central and southern Taiwan.
E. Sun Bank has also set up representative offices in Dongguan, China, and Ho Chi Minh City, Vietnam, that will be upgraded into branches once regulators in the respective countries give the green light, Huang said.
The lender next plans to establish representative offices in Myanmar and Cambodia, he added.
E. Sun Bank is confident of achieving double-digit growth in earnings this year fueled by a strong credit card industry as it seeks to become one of the top three Taiwanese credit card issuers, from its present fourth place ranking, after Chinatrust Commercial Bank (中國信託商銀), Cathay United Bank (國泰世華銀行) and Taishin International Bank (台新銀行), Huang said earlier.
Shares in E. Sun Financial closed down 2.22 percent at NT$15.4 yesterday, weaker than the TAIEX’s 1.90 percent decline, after rising 2.67 percent this month and 18.01 percent this year, Taiwan Stock Exchange data showed.