The London-based bank in September announced a NT$40.5 billion (US$1.2 billion) offer for Hsinchu International Bank in the first overseas takeover of a Taiwanese lender. It increased the number of Standard Chartered’s outlets on the island to 86 from three. Nine of the 86 are in Taipei.

“We won’t rule out another acquisition in Taiwan, but that’s not an immediate priority,” Sands told reporters in Hsinchu, northern Taiwan, where he was rebranding the acquired bank’s network to Standard Chartered.

The Taiwan government is encouraging consolidation because almost a third of domestic banks are losing money. Citigroup Inc. agreed in April to buy the Bank of Overseas Chinese for NT$14.1 billion to increase its branches to 66 from 10.

Standard Chartered plans to hire 250 employees before the end of the year to expand businesses such as wealth management, Sands said.

The bank plans to spend more than $50 million to renovate 62 branches in the next 12 months, it said in a statement.

Standard Chartered now has about 4,300 workers in Taiwan, said Chih-Wei Wu, its executive chairman on the island.

ABN Amro Holding NV on June 8 agreed to receive NT$6.9 billion from Taiwan’s government for taking over failed Taitung Business Bank, which has been under state oversight since December.

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