TAIPEI (Taiwan News) — Taipei Fubon Bank announced Friday the opening of its Seoul representative office, making it the second Taiwanese bank after Yuanta Bank to establish a presence in South Korea.

Located in the Three IFC building in Seoul’s Yeouido financial district, the new office benefits from proximity to the Korea Exchange, the Financial Supervisory Service, and major foreign and non-bank financial firms, per CNA. The new office will focus on building partnerships with Korean banks.

General Manager Kuo Pei-ting (郭倍廷) said South Korea’s technological and manufacturing growth, along with increasing bilateral trade, makes it a promising market, per Liberty Times. He added that Fubon’s existing investments, including Woori Financial Group and Hyundai Card, create a foundation for cooperation.

Fubon said the Seoul office will focus on studying local market conditions while also supporting overseas Taiwanese communities to understand customer needs.

With this new expansion, Fubon now operates one subsidiary bank, five overseas branches, and three representative offices across the Asia-Pacific. It expects its Sydney branch to launch later this year with branches in Tokyo and India also in the works.