State-owned Bank of Taiwan (BOT, 臺灣銀行) on Friday said that it has signed a memorandum of understanding (MOU) to strengthen its partnership with Deutsche Bank AG, which it said would allow the banks to focus on business opportunities to advance mutual interests.
The fields of cooperation are to include credit and project financing opportunities related to “green” energy development in Taiwan and the government’s New Southbound Policy.
Under the cooperation pact, BOT will be able to expand its cross-border financial services to better serve Taiwanese companies doing business in Europe, the ASEAN region and North America, the bank said in a statement.
BOT is the largest bank in Taiwan and is the nation’s top player in arranging and managing syndicated loans.
Deutsche Bank is to leverage its product expertise and its extensive international network, while BOT is to share its knowledge of and relationships in the local market, the statement said.
BOT recently filed applications to establish an office in Frankfurt, Germany, and won approval from Taiwan’s Financial Supervisory Commission earlier this month. The office will be the bank’s first branch in continental Europe.
BOT chairman Joseph Lyu (呂桔誠), who flew to Deutsche Bank’s Frankfurt headquarters to ink the MOU on Thursday, said in the statement that he hoped the cooperation would extend beyond Taiwan and Germany.
“The pact may allow Bank of Taiwan to gain a foothold for business expansions in Germany and Europe,” Lyu said, adding that he expected the cooperation to be enduring.
The bank is also seeking expansion in other parts of the world, Lyu said, adding that it has gained approval to establish representative offices in California’s Silicon Valley and Bangkok, he said.
In addition, the bank plans to set up operations in the Philippines, Vietnam, Indonesia and Malaysia, he said.
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