Two state-run lenders have made headway in overseas expansions, which might help them increase their customer base and revenue.
Taiwan Cooperative Bank (合庫銀行), the main subsidiary of Taiwan Cooperative Financial Holding Co (合庫金控), on Monday last week held an event to celebrate the opening in July of a new branch in Melbourne, Australia.
Taiwan Cooperative Financial chairman Jason Liao (廖燦昌) went to Melbourne to host the event.
Overseas and offshore banking operations generated 35 percent of overall revenue in the first eight months of the year, rising from 30.53 percent during the same period last year, as the expansion strategy paid off, Liao said.
The Melbourne branch is the lender’s second outlet in Australia.
Taiwan Cooperative in April established a branch in Changsha, Hunan Province.
The bank plans to set up a new outlet in Phnom Penh, Cambodia, later this year.
Chang Hwa Commercial Bank (彰化銀行) on Monday last week said that it had won regulatory approval from China to establish a subsidiary in Nanjing, Jiangsu Province.
The bank, which has three branches and one outlet in China, said a banking subsidiary would allow it to absorb savings deposits from Chinese customers so that it can have stable operating funds.
Chang Hwa said it is considering to expand into the wealth management business in China, as it promises better yields.
MEGA SCRAPS PLAN
Separately, Mega International Commercial Bank (兆豐商銀), Mega Financial Holding Co’s (兆豐金控) flagship banking unit, on Friday said its board scrapped a plan to open a branch in Abu Dhabi, the United Arab Emirates (UAE).
The bank in 2013 set up a representative office in Abu Dhabi and later applied for a license to upgrade it to a branch, which the UAE government approved in late 2015.
However, after a further assessment of its business potential there, the bank said it decided not to open a branch.
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