Taiwan Cooperative Bank opens first branch in Tianjin
August 4, 2014, 12:04 am TWN
TAIPEI--Taiwan Cooperative Bank (合作金庫), the banking arm of Taiwan Cooperative Financial Holding Co., gained its first foothold in northern China by opening a branch in Tianjin (天津) on Friday.
The bank said the Tianjin branch will target the large number of Taiwanese investors with facilities located in the Bohai Economic Rim that surrounds Tianjin and Beijing.
Before moving into Tianjin, the bank set up a branch in Suzhou in December 2010 and established a sub-branch in the Chinese city's Gaoxin District in October 2013.
The bank also plans to open a branch in Fuzhou in the first quarter of next year after getting the green light from China's main banking regulator, the China Banking Regulatory Commission.
With a task force already in place to establish the Fuzhou branch, the bank is gearing up to complete preparations to start up services in the southeastern Chinese city in six months.
Taiwan Cooperative Bank said that around 3,000 Taiwanese investors currently operate in Fuzhou in a wide range of businesses, including in the electronics, optoelectronics and food sectors.
Once its branch in Fuzhou opens, the bank will have a broad network that links outlets in northern, eastern and southern China to provide better services to Taiwanese investors there, it said.
That network and Taiwan Cooperative Bank's existing branch in Hong Kong will help boost the bank's visibility in the Greater China region, it said.
Taiwan Cooperative Bank is also planning to open two sub-branches of its Phnom Penh branch in Cambodia and set up a representative office in Myanmar.
In addition to its expansion in Asia, the bank hopes to open a branch in New York by the end of next year to give itself a presence in the world's financial hub.