International Bank of Asia (港基銀行), a Hong Kong-based lender 75 percent owned by Fubon Financial Holdings Co (富邦金控), will start selling the Taiwan company's insurance products, it said in a statement.
Fubon bought the stake in International Bank in March for HK$3.24 billion (US$416 million), becoming the first lender from Taiwan to operate a branch network in Hong Kong. China only allows Taiwanese banks to open representative offices.
International Bank is betting that the Closer Economic Partnership Agreement, which in June dropped the minimum assets Hong Kong- registered lenders need to open a branch in China to US$6 billion from US$20 billion, will give it an edge over foreign banks. That edge may be dulled by the end of next year, when China lifts some curbs on foreign lenders.
International Bank of Asia plans to open its first representative office in southern China this year, said Chief Executive Officer Lee Jin-yi (李晉頤).
When China joined the World Trade Organization in December 2001, it agreed to lift curbs by 2006 that prevent overseas banks from conducting retail business in China's currency, the yuan.
Foreign lenders are currently allowed to open one branch a year with assets of US$20 billion. That rule was relaxed in September to allow multiple openings in a 12-month period, the China Banking Regulatory Commission said.
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday received government approval to deploy its advanced 3-nanometer (3nm) process at its second fab currently under construction in Japan, the Ministry of Economic Affairs said in a news release. The ministry green-lit the plan for the facility in Kumamoto, which is scheduled to start installing equipment and come online in 2028 with a monthly production capacity of 15,000 12-inch wafers, the ministry said. The Department of Investment Review in June 2024 authorized a US$5.26 billion investment for the facility, slated to manufacture 6- to 12nm chips, significantly less advanced than 3nm process. At a meeting with
Taiwan’s food delivery market could undergo a major shift if Singapore-based Grab Holdings Ltd completes its planned acquisition of Delivery Hero SE’s Foodpanda business in Taiwan, industry experts said. Grab on Monday last week announced it would acquire Foodpanda’s Taiwan operations for US$600 million. The deal is expected to be finalized in the second half of this year, with Grab aiming to complete user migration to its platform by the first half of next year. A duopoly between Uber Eats and Foodpanda dominates Taiwan’s delivery market, a structure that has remained intact since the Fair Trade Commission (FTC) blocked Uber Technologies Inc’s
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