CTBC Financial Holding Co (中信金控) yesterday inked a cooperation pact with a Japanese bank, ShinGinko Tokyo Ltd, to jointly deepen their presence in Japan and Southeast Asia.
ShinGinko Tokyo is the second Japanese bank to sign a memorandum of understanding (MOU) with CTBC Financial, which linked up with the Shizuoka Bank in June.
“The MOU will enable the two parties to better serve Japanese customers doing business in Taiwan and ASEAN markets,” CTBC Financial said in a statement.
Taiwan has increasingly become a springboard for Japanese firms that are interested in expanding in China since the Economic Cooperation Framework Agreement (ECFA) was signed in September 2010, the statement said.
Under the ECFA, Taiwanese firms enjoy better terms when doing business in China, while Tokyo has been increasingly at odds with Beijing over the sovereignty of the Diaoyutai Islands (釣魚台), which Taiwan also claims.
CTBC Bank (中信銀), the main subsidiary of CTBC Financial, will leverage its global resources to meet the needs of Japanese customers, providing them with information, loans and services regarding investments in different markets, the statement said.
CTBC Bank has 147 branches in Taiwan and a subsidiary in the Philippines and another in Indonesia. It also has a branch in Shanghai and a representative office in Beijing.
CTBC Financial president Daniel Wu (吳一揆) signed the MOU with his counterpart in ShinGinko Tokyo, the statement said.
Established in April 2004, ShinGinko Tokyo has a capital equivalent to NT$6.2 billion (US$2.07 million) and is primarily engaged in savings and deposits, cash card and lending businesses, the statement said.