No decision on inactive cash
The Financial Supervisory Commission yesterday said it has yet to reach a decision over inactive savings accounts, dismissing local media reports that it plans to turn them into state funds for social welfare organizations. The UK, Canada and Australia have passed laws allowing their governments to turn inactive savings accounts into social welfare funds, but the practice may not be desirable or practical for Taiwan, the regulator said.
Mega opens in Cambodia
Mega International Commercial Bank (兆豐商銀) yesterday opened a sub-branch in Phnom Penh International Airport, in a continued bid to deepen its presence in the Asia Pacific region, the lender said in a statement. The bank has sought to expand its service network beyond current locations in 10 countries. It has filed applications to open branches or sub-branches in China, Thailand, Vietnam and Myanmar.
CTBC, Chungoku sign deal
On Tuesday, CTBC Financial Holding Co (中信金控) signed an agreement with Chungoku Bank, as the local bank-focused conglomerate is seeking to enlarge its service network in Japan. With 154 branches and outlets in Japan, Chungoku Bank is a major lender in Okayama Prefecture, providing corporate and personal banking, leasing and securities brokerage services, CTBC Financial said in a statement.