CTBC Bank Co Ltd (中國信託銀行), the banking subsidiary of CTBC Financial Holding Co (中信金控), has received permission from Malaysia’s financial supervisory institution to establish a representative office in Kuala Lumpur.
The lender yesterday said it expects the office to start operations in the second half of this year.
CTBC Bank will be the first Taiwanese bank to set up an operational base in Malaysia in 17 years.
The Malaysian government has only given approvals to seven foreign banks to open branches since 2010, as Southeast Asia’s third-largest economy put more weight on how potential foreign investments could help raise its economic development and financial industry.
“The establishment of the representative office in Kuala Lumpur might help CTBC Bank obtain local information and further complete the bank’s roadmap in the Asia-Pacific region,” CTBC Bank said in a statement.
KEY MARKET
The bank said Southeast Asia, especially Malaysia, where many Taiwanese businesses have operations, is a key market.
There are about 1,700 Taiwanese manufacturing and service companies with operations in Malaysia, including electronics maker Qisda Corp (佳世達) and steelmaker China Steel Corp (中鋼).
CTBC Bank has branches in 11 countries or regions around the world, with total operational bases reaching 100, it said in the statement.
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