Fubon Financial's China unit opens outlets in Beijing, Nanjing

Fubon Financial's China unit opens outlets in Beijing, Nanjing

Fubon Bank (China) Co., a subsidiary of Taiwan's Fubon Financial Holding Co. , opened two outlets Tuesday, one in Beijing and the other in Nanjing, as part of its efforts to extend its reach in the huge China market.

After opening the outlet in Beijing, Fubon Bank (China) has become the first Chinese bank invested by a Taiwanese shareholder to gain a foothold in Beijing.

Along with the two newly opened branches in Beijing and Nanjing, the bank now has 22 outlets in Shanghai, Shenzhen, Nanjing, Suzhou and Tianjin, where many Taiwanese investors operate their businesses.

The bank said that the Beijing outlet will team up with its branch and sub-branch in Tianjin to explore the financial market in the Bohai Rim area of northern China. By taking its geographic advantage, the Beijing branch is expected to help Fubon Financial get closer to the political and economic center of China.

The Fubon Financial subsidiary said that the Nanjing branch is part of the bank's strategies to provide better services to Taiwanese investors located in the booming Jiangsu area.

Nanjing has become one of the most important venues for Taiwan's high-tech firms, Fubon China (China) said, and Taiwan Semiconductor Manufacturing Co., the world's largest contract chip maker, which is building a 12-inch wafer in the city, is among the Taiwanese firms in the cluster.

Fubon Financial acquired an 80 percent stake in China-based First Sino Bank for 5.65 billion Chinese yuan (US$869 million) in 2014 and then changed its name to Fubon Bank (China).

Under the acquisition's structure, Fubon Financial held a 29 percent stake in the bank, and Taipei Fubon Commercial Bank , Fubon's domestic banking arm, held a 51 percent stake.

Earlier this month, Fubon Financial announced that it has secured approval from the Shanghai United Assets and Equity Exchange to acquire the remaining 20 percent stake in Fubon Bank (China) by spending 2.13 billion yuan and bringing the Chinese subsidiary fully under its corporate umbrella. Fubon Bank (China) said it is planning to open three more branches or sub-branches at the least, including outlets in Chengdu and Shanghai's Tongcheng district.

Updated : 2021-04-15 05:19 GMT+08:00