Industrial Bank unveils China expansion plan
The China Post news staffTAIPEI, Taiwan -- The Industrial Bank of Taiwan (IBT, 台灣工銀集團) announced that it has begun the third phase of its overseas investment initiative, beginning with the establishment of a subsidiary in Tianjin, and the formation of a new private equity fund, in an effort to expand operations in the Greater China market.
March 12, 2013, 11:31 am TWN
“Despite the inclement conditions of the global economy seen throughout last year, our operations remain sound, with many of our divisions winning various accolades across the strait,” said IBT Chairman Kenneth Lo (駱錦明).
In addition, IBT's Management Corporation (台灣工科技顧問公司) has signed a memorandum of understanding (MOU) with the Fudan-SBI Fund, which is jointly managed by Softbank Corp. of Japan, and the Shanghai-based Fudan University (復旦大學). The fund will invest in education, consumer services and bio-technology, among other sectors, and will be denominated in both yuan and dollars.
“Our target for this year is to attract capital up to the scale equivalent to US$150 million”, said IBT Chairman Kenneth Lo.
IBT's International Leasing Co. Ltd. (台駿津國際租賃公司) is scheduled to establish a new subsidiary in Tianjin this summer, as the company's assessment deemed the location suitable to serve as headquarters for its operations in China.
The subsidiary will be tasked with establishing a financial platform based on banking and leasing foundations, with plans to expand toward venture capital and securities brokerage as part of promoting enterprise-level collaboration across the strait.
Incidentally, IBT Managing Director and Chief Strategy Officer Tina Yi-chun Lo (駱怡君) has been awarded a position in the 2013 Eisenhower Fellowship's Multi Nation Program, during which she will explore the emerging field of “happiness economics,” and the use of the “Gross National Happiness” indicator for enterprises and nations.