Chang Hwa Commercial Bank (彰化銀行) yesterday said its board has approved plans to expand its customer base by opening a branch in China and extending its business to Cambodia, according to the lender’s filings to the Taiwan Stock Exchange.
State-run Chang Hwa said it plans to establish a branch in Huaqiao in Jiangsu Province’s Kunshan City. It opened its first Chinese branch in Kunshan in December last year.
The company plans to invest 100 million yuan (US$15.65 million) in the Huaqiao branch as working capital during the initial stage, according to the filing.
The plan to launch a second branch in Jiangsu is part of Chang Hwa Bank chairman Julius Chen’s (陳淮舟) blueprint to build an operating base in the eastern Chinese province, which has been targeted by Chinese authorities for development as an international financial hub.
Chang Hwa said it would apply with the Financial Supervisory Commission for permission to establish the branch. The plan is also still pending regulatory approval from Chinese authorities.
Chang Hwa Bank, 22.5 percent owned by Taishin Financial Holdings Co (台新金控), also plans to set up a branch in Phnom Penh to expand its overseas network, a separate exchange filing said.
The lender said it would apply for regulatory approval from authorities, but did not elaborate on the proposed Phnom Penh branch.
The Taiwanese bank has established overseas branches in China, Hong Kong, London, Los Angeles, New York, Singapore and Tokyo, according to information posted on its Web site.
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