Taipei Fubon Commercial Bank (台北富邦銀行) yesterday launched a new overseas unit in Sydney, Australia, in a bid to gain further momentum in markets targeted by the government’s New Southbound Policy.
Although it is not a branch, but a sales office, it can provide Australian and Taiwanese companies operating in the country with its analysis of market conditions and through its connections with other Taipei Fubon Bank branches, the bank said.
The newly launched unit would not only help existing clients in Australia receive funding or improve financial flexibility, but also offer consulting services for companies that are interested in expanding into Australia, it said.
It would also collaborate with financial agencies in Australia to provide services to its clients, it added.
The unit is the fourth Taipei Fubon Bank operation to be set up in a country targeted by the New Southbound Policy, after the establishment of branches or offices in Vietnam, Singapore and Indonesia since 2008, company data showed.
Taipei Fubon Bank said it is optimistic about its prospects as the Australian economy, the 13th-largest in the world, was among few with “AAA” sovereign credit ratings by Moody’s, Fitch and S&P Global Ratings, the bank said in a statement.
Australia’s GDP grew 1.8 percent annually in the first quarter and had recovered to the pre-COVID-19 pandemic level, the bank added.
Overall, the bank believes that New Southbound Policy countries would see strong business momentum this year after being beaten by the COVID-19 pandemic last year, aided by rising vaccination coverage and the easing of pandemic measures, it said.
“Our three branches in Ho Chi Minh City, Binh Duong and Hanoi saw double-digit growth rates in deposits and loans in the first six months of the year, while deposits in our Singapore branch expanded 70 percent annually,” it said.
“That signaled an economic recovery,” it said.
With the addition of the unit in Australia, Taipei Fubon Bank now has 34 overseas units, it said.
About 10 local banks operate branches in Australia, but most of them are state-run lenders such as Mega International Commercial Bank (兆豐銀行), Taiwan Cooperative Bank (合作金庫銀行), First Commercial Bank (第一銀行), Bank of Taiwan (台灣銀行) and Taiwan Business Bank (台企銀).
Alphabet Inc’s Google on Tuesday announced plans to buy a New York office building for US$2.1 billion, confirming its push into the US’ largest city despite the COVID-19 teleworking trend. This is the largest real-estate purchase in the US for an office building since the beginning of the global spread of COVID-19, the Wall Street Journal quoted Real Capital Analytics as saying. Google already rents the premises in Manhattan, which are located on the site of a former railroad terminal in the Hudson Square neighborhood. The Silicon Valley giant envisions a campus with a total surface area of 160,000m2 by mid-2023
‘CORE VALUES’: The contract chipmaker did not specify why the employees were dismissed, but media reports said they had leaked information about customer orders Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has fired seven of its employees for violating the company’s “core values,” the world’s largest contract chipmaker said yesterday. While the company did not disclose exactly why it fired the seven employees, local media reports earlier in the day said that the employees had leaked confidential information about customer orders. In a statement, the company said that it fired the seven at once, adding that it released an internal notice last week to inform the entire company of the move ahead of the four-day Mid-Autumn Festival holilday, which ended on Tuesday. TSMC said it fired the seven
MILD ADJUSTMENT: Two previous efforts failed to curtail mortgage financing, although the new measures should not affect property prices, the central bank governor said The central bank yesterday tightened credit controls for second-home mortgages in specific areas and purchases of plots of land, especially in industrial parks. However, the nation’s top monetary policymaker kept its policy rate at a record-low 1.125 percent for the sixth consecutive quarter, despite revising up its GDP growth forecast for this year from 5.08 percent to 5.75 percent. “Board members factored in economic uncertainty at home and around the world,” central bank Governor Yang Chin-long (楊金龍) said, adding that growing inflationary pressure was a temporary phenomenon induced by bad weather and a low base effect for oil prices. International fuel price increases
DOWNCYCLE: Most buyers are wary about placing new orders, and although the decline could also be as little as 3%, it would be the first drop since the start of the year The average selling price of DRAM chips next quarter is expected to decline by up to 8 percent quarter-on-quarter, with memory chips used in notebook computers and consumer electronics seeing the steepest decline due to excess inventory and a shortage of components, market researcher TrendForce Corp (集邦科技) said yesterday. That means the DRAM industry is entering a new downcycle after experiencing a boom for three quarters, the longest uptrend in the history of the industry. The Taipei-based researcher said it expects the balance between supply and demand to begin tilting toward a surplus in the final quarter of this year. Most DRAM