Fubon acquires two Vietnamese branches of troubled Chinfon Bank

Fubon Taipei will soon increase the number of its branches in Vietnam to three, making it own the largest number of branch offices in the Southeast Asian country among Taiwan-invested banks there, according to the bank's general manager Han Wei-ting.

The two Vietnamese branches, with combined assets of US$170 million, have been operational for over 10 years, having built up a solid base of customers, mostly Taiwanese enterprises investing in Vietnam, Han said. The acquisition of the two branches, Han continued, will help Fubon Taipei develop a deeper presence in the Vietnamese financial market, especially in extending banking services to Taiwanese investors there.

According to statistics compiled by the Vietnamese government, aggregate investments in Vietnam by Taiwanese enterprises have amounted to US$21.4 billion in 2,048 cases from 1988 to 2009, making Taiwan the largest foreign investor in Vietnam.

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