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Japan bank obtains green light to open branch in Kaohsiung

Japan bank obtains green light to open branch in Kaohsiung

Taipei, July 3 (CNA) The Financial Supervisory Commission (FSC) has issued a green light to the Bank of Tokyo-Mitsubishi UFJ (BTMU) to open a branch in Kaohsiung in southern Taiwan. The FSC, the top financial regulator in Taiwan, said BTMU is currently running a branch in Taipei, providing deposits, lending, remittances and trade financing services to its clients in Taiwan. The commission said that the bank, the largest lender in Japan, took into account rising fund needs in southern Taiwan before filing an application to open a branch in Kaohsiung. BTMU will become the sixth overseas registered bank to operate a Kaohsiung branch after Japan's Mizuho Bank, Bangkok Bank, France's BNP Paribas, Hong Kong-based Bank of East Asia and UBS of Switzerland, according to the FSC. The FSC said that the presence of BTMU is expected to raise the willingness of Japanese investors to invest in southern Taiwan and create more job openings in the country. The commission added that economic exchanges between Taiwan and Japan will be strengthened further. The Commercial Times cited sources from BTMU as saying that the bank will raise its working capital by NT$200 million (US$6.47 million) in Taiwan to run the new Kaohsiung branch. The report said that the Bank of Fukuoka, the ninth-largest bank in Japan, is expected to submit an application with the FSC soon to open a representative office in Taiwan. According to the report, the enthusiasm from major Japanese banks to establish a presence in Taiwan reflects the need to cater to Japanese investors in Taiwan. In the report, the BTMU sources said that more than 70 of its Japanese clients have plans to set up footholds in Taiwan and that the Kaohsiung branch is expected to help the bank provide better services to its Japanese customers here. The BTMU customers likely to invest in Taiwan will come from a wide range of businesses, such as trade, retail, food and heavy industry, the report said. In 2014, Japan invested US$547 million in Taiwan through 488 projects, up from US$408 million invested by Japanese through 616 projects a year earlier, government statistics show. The 2014 figure was a significant rise from US$399 million recorded in 2010, the data indicates. (By Tien Yu-pin and Frances Huang)


Updated : 2021-09-23 06:04 GMT+08:00