Taipei Fubon Bank Co (台北富邦銀行) has secured approval from the Financial Supervisory Commission (FSC) to open a branch in Mumbai, India.
The FSC said in a statement yesterday that Taipei Fubon Bank — a subsidiary of Fubon Financial Holding Co (富邦金控) — had taken into account the Indian market’s current and long-term growth prospects before deciding to set up a branch in Mumbai.
The planned branch is expected to help Taiwanese investors in India and local Indian enterprises access financing opportunities, including international syndicated loans, it said.
Photo: Kelson Wang, Taipei Times
The commission therefore issued the green light to Taipei Fubon Bank to seek approval from financial authorities in India to open a branch in the Indian financial hub.
If successful, it would be the fourth Taiwanese bank to set up shop in India, it added.
So far, CTBC Bank (中國信託銀行) has two branches in India, one in New Delhi and the other in Sriperumbudur, while Bank of Taiwan (台灣銀行), the largest Taiwanese lender, and Mega International Commercial Bank (兆豐銀行) each have a representative office in Mumbai.
India is one of the 18 countries targeted by the government’s New Southbound Policy, which aims to enhance trade and exchanges between Taiwan and the 18 countries in Southeast and South Asia, as well as Australia and New Zealand, to reduce Taiwan’s dependence on China. It was introduced after President Tsai Ing-wen (蔡英文) took office in 2016.
As of the end of last month, Taipei Fubon Bank had overseas branches in Vietnam’s Ho Chi Minh City, Hanoi and Binh Duong, as well as in Hong Kong and Singapore, the FSC said, adding that the bank owns a subsidiary — Fubon Bank — in China.
In addition, it has representative offices in Jakarta, Indonesia, and Sydney, Australia.
Fubon Financial last month retained the title of most profitable financial institution in Taiwan after it posted a net profit of NT$14.07 billion (US$446.3 million), up 131 percent from a year earlier, with earnings per share of NT $10.8.
Taipei Fubon Bank also posted a new monthly high of almost NT$3.5 billion in net profit that month.
UNPRECEDENTED PACE: Micron Technology has announced plans to expand manufacturing capabilities with the acquisition of a new chip plant in Miaoli Micron Technology Inc unveiled a newly acquired chip plant in Miaoli County yesterday, as the company expands capacity to meet growing demand for advanced DRAM chips, including high-bandwidth memory chips amid the artificial intelligence boom. The plant in Miaoli County’s Tongluo Township (銅鑼), which Micron acquired from Powerchip Semiconductor Manufacturing Corp (力積電) for US$1.8 billion, is expected to make a sizeable capacity contribution to the company from fiscal 2028, the company said in a statement. It would be an extended production site of Micron’s large-scale manufacturing hub in Taichung, the company said. As the global semiconductor industry is racing to reach US$1 trillion
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
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
Memory chip stocks extended their losses yesterday after Alphabet Inc’s Google publicized research that could allow more efficient use of the storage needed for artificial intelligence (AI) development. SK Hynix Inc and Samsung Electronics Co, South Korean leaders in the market, fell more than 6 percent and about 5 percent respectively in Seoul. In the US, Micron Technology Inc, Western Digital Corp and Sandisk Corp slid more than 2 percent in pre-market trading, after they all closed lower on Wednesday. Memory companies have been on a tear in recent months as the rapid development of AI infrastructure triggered a spike in chip
RSS