CTBC Holding joins with Japanese bank in business exchange
October 17, 2013, 12:03 am TWN
TAIPEI, Taiwan -- CTBC Financial Holding Co. and Japan's Miyazaki Bank have signed a memorandum of understanding (MOU) on business exchanges, at a time when the Taiwanese firm is eyeing the Japanese market.
In a statement released Tuesday, CTBC Financial said that under the MOU, its flagship CTBC Bank and the Japanese partner are expected to work together to enhance corporate banking and provide clients with financial advice for business mergers and acquisitions.
CTBC Bank is likely to broaden its services by providing an alternative funding channel to its corporate clients through the partnership with Miyazaki Bank.
CTBC Financial was formerly known as Chinatrust Financial Holding Co., while CTBC Bank used to be known as Chinatrust Commercial Bank.
CTBC Financial said Miyazaki Bank is the fourth Japanese bank so far this year to have signed a cooperation agreement with CTBC Financial.
The Taiwanese financial company signed a similar agreement with Shizuoka Bank in June, inked an accord with Singinko Tokyo in August and an MOU with the Bank of Kyoto in September.
According to CTBC Financial, Miyazaki Bank was established in 1932 and now serves as one of the biggest financial institutions in southern Japan. The bank has 96 outlets in Japan, CTBC Financial said.
CTBC Financial said that after Taipei and Beijing signed a landmark Economic Cooperation Framework Agreement (ECFA) in 2010, Taiwan has become a springboard for foreign investors, including Japanese companies, seeking to target the huge mainland China market.
The financial holding company said its partnership with its Japanese counterparts is expected to help provide business opportunities in Japan.
Currently, CTBC Bank has 68 branches, subsidiaries and representative offices overseas, including a branch in Tokyo.