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E. Sun Bank approved to expand in China, Vietnam

E. Sun Bank approved to expand in China, Vietnam

Taipei, March 22 (CNA) E. Sun Commercial Bank recently obtained the green lignt to set up new operations in China and Vietnam. E. Sun Financial Holding Co., parent company of the bank, announced in a statement released on Friday that the China Banking Regulatory Commission has approved its plan to set up a subsidiary and a new branch in Shenzhen, Guangdong Province. According to the bank, its Chinese subsidiary will be set up in Shenzhen's Qianhai area with 2 billion Chinese yuan (US$321.92 million) in capital, while the new branch will be opened in Futian District, in the next six months. E. Sun said the planned new operations in Shenzhen will allow it to better tap into opportunities created by China's Silk Road economic belt and maritime Silk Road initiatives, in which the southern city is a strategic part. The bank currently operates a branch and a sub-branch in Dongguan, also in Guangdong, according to its website. Meanwhile, the bank also announced on Sunday that the Vietnamese central bank has approved its plan to set up a branch in Dong Nai Province, which is expected to open by the end of this year. The bank said Southeast Asia, especially Vietnam, where many Taiwanese businesses have operations, is a key market. In Southeast Asia, E. Sun has a representative office in Vietnam's Ho Chi Minh City and Myanmar's Yangon, a branch in Singapore and a subsidiary called Union Commercial Bank in Cambodia, according to the bank. (By Tien Yu-pin and Kay Liu)


Updated : 2021-03-02 01:13 GMT+08:00