Taipei,Oct.8,2012(CENS)--The global financial tsunami has shifted the worlda's financial center from Europe and the United States to Asia,hence motivating the Taiwanese government to encourage Taiwanese banks to explore the Asian market,as well as instruct financial units to try to sign memorandum of understanding(MOU)with SE Asian nations.
Financial Supervisory Commission(FSC)statistics show so far this year eight domestic banks have applied to set up footholds overseas,mostly in Southeast Asia and Australia,including Chang Hwa Bank,Shanghai Commercial&Savings Bank(SCSB),Taishin International Bank,Bank of Taiwan(BOT),Yuanta Bank,E.Sun Bank,First Commercial Bank,and Cathay United Bank.
E Sun has expressed intention of establishing representative offices in Yangon,Myanmar and Mumbai,India as well as a branch in Sydney,Australia,with SCSB intending to set up rep.offices in Thailand and Indonesia.
Taiwan Cooperative Bank has been approved to add branches in Phnom Penh and Chinatrust Commercial Bank in Indonesia this year.
Taiwanese banks have typically followed Taiwanese enterprises into overseas markets,with Southeast Asia being favored until replaced by China a couple decades ago.Taiwanese businessmen in China have been feeling pinched in China in recent years so are relocating to Southeast Asia again.
H.N.Kuei,director at the Bureau of Monetary Affairs,says the FSC is negotiating with counterparts in India,Indonesia,Thailand,Cambodia,and Malaysia to sign MOUs.
Taiwanese Banks Applying to Set up Overseas Branches,Jan.-Sept.2012
Bank
Country
Date of application
Chang Hwa
Cambodia(branch in Phnom Penh City)
Jan.30
SCSB
Thailand(rep.office in Bangkok)
Mar.7
SCSB
Indonesia(rep.office in Jakarta)
Mar.7
Taishin
Vietnam(branch in Ho Chi Minh City)
May 8
BOT
India(rep.office in Mumbai)
May 10
Yuanta
Singapore(branch)
May 23
E.Sun
Myanmar(rep.office in Yangon)
June 8
BOT
Australia(branch in Sydney)
July 5
First
Myanmar(rep.office in Yangon)
July 31
E.Sun
Cambodia(branch in Phom Penh)
Aug.9
E.Sun
Australia(branch in Sydney)
Sept.25
Cathay
Indonesia(rep.office in Jakarta)
Sept.25
Source:FSC
