Shin Kong Commercial Bank (新光銀行), a wholly-owned unit of Shin Kong Financial Holding Co (新光金控), plans to open a full-service branch in Hong Kong in six months.
The bank said on Monday that it was granted a license for the branch by the Hong Kong Monetary Authority on Friday after submitting an application in November last year to enter the territory.
The bank is now gearing up preparations for the establishment of the Hong Kong branch, including choosing a location, it said.
FIRST OVERSEAS
The Hong Kong branch will become the bank’s first overseas outlet. It currently has a total of 105 branches all over Taiwan.
According to the bank, having a presence in Hong Kong is expected to boost the bank’s international visibility, because the territory has long been a regional financial hub.
By taking advantage of its geographic proximity to China, the Hong Kong branch is also expected to help the bank continue to serve Taiwanese customers that have established business ties with China, the bank said.
INITIAL PHASE
In the initial phase of its Hong Kong operations, the branch is expected to provide deposit, remittance, US dollar settlements, import-export and receivables financing, syndicated loans and trust services, the bank said.
The Hong Kong branch is also expected to seek approval from Hong Kong authorities to provide Chinese yuan, wealth management and Internet banking services in the near future.
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