As part of an effort to extend its reach in the region the Taishin International Bank, a subsidiary of Taipei-based Taishin Financial Holding Co. opened its first branch in Singapore.
The Singapore branch is the 1st new outlet for Taishin Bank since 2003, when it established a branch in Hong Kong.
Taishin Bank President Chung Lung-yu said that the newly opened branch will focus on corporate banking and wealth management for the regional financial hub.
Chung said that the Taishin Bank will aggressively seek opportunities in Singapore to get involved in syndication loans aimed not only at Taiwanese investors in the city-state but also other enterprises from the region and multinational companies.
Besides Hong Kong and Singapore, Taishin Bank runs a representative office in Ho Chi Minh City, Vietnam. Chung said that his bank will seek regulatory approval in 2015 to upgrade that office into a branch, adding that Taishin is studying the feasibility of acquiring a Vietnamese bank.
Chung said that his bank is in addition preparing to launch a branch in Brisbane, Australia, for which he anticipates a green light from financial authorities midway through next year.
Taishin is in the meantime studying the chance of a branch in Tokyo on estimates that a single banking branch in Japan could reap US$2-3 million in profit each year, a relatively high level in the banking business.
He said that his bank intends to submit an application in July at the earliest for the Tokyo branch in a bid to use the Japanese outlet to further strengthen its bottom line.
Taishin in the China market, is working with Shenzhen-based Ping An Bank Co. in a wide range of business items, such as syndication loans, investment banking, and foreign exchange products.
Taishin said that although it has not set up any branches in China yet, it is gearing up to seek strategic alliances by signing memoranda of understanding over cooperation with Chinese counterparts.