Taishin bank opens branch in Singapore
June 25, 2014, 12:01 am TWN
SINGAPORE -- Taishin International Bank (台新國際商銀), a subsidiary of Taipei-based Taishin Financial Holding Co. (台新金控), opened its first branch in Singapore Tuesday as part of an effort to extend its reach in the region.
The Singapore branch is the first new outlet for Taishin Bank since 2003, when it set up a branch in Hong Kong.
Taishin Bank President Chung Lung-yu (鍾隆毓) said that the newly opened branch will focus on corporate banking and wealth management for the regional financial hub.
Taishin Bank will aggressively seek opportunities in Singapore to get involved in syndication loans aimed not only at Taiwanese investors in the city-state but also other enterprises from the region and multinational companies, Chung said.
In addition to Hong Kong and Singapore, Taishin Bank operates a representative office in Ho Chi Minh City, Vietnam. Chung said his bank will seek regulatory approval in 2015 to upgrade that office into a branch, adding that Taishin is studying the feasibility of acquiring a Vietnamese bank.
Chung said his bank is also preparing to open a branch in Brisbane, Australia, for which he expects a green light from financial authorities midway through next year.
Taishin is meanwhile studying the possibility of a branch in Tokyo on estimates that a single banking branch in Japan could reap US$2-3 million in profit each year, a relatively high level in the banking business.
He said his bank plans to submit an application in July at the earliest for the Tokyo branch in a bid to use the Japanese outlet to further strengthen its bottom line.
In the China market, Taishin is working with Shenzhen-based Ping An Bank Co. (平安銀行) in a wide range of business items, such as syndication loans, investment banking, and foreign exchange products.
Taishin said that although it has not set up any branches in China yet, it is gearing up to seek strategic alliances by signing memoranda of understanding over cooperation with Chinese counterparts.