Asia: Yuanta Commercial Bank enters Hong Kong

Taiwan’s Yuanta Commercial Bank has opened its first branch in Hong Kong as part of the bank’s strategic plan to expand its presence outside Taiwan and support growth in the Greater China region. The Hong Kong branch will provide services such as deposits, remittance, foreign currency loans, international syndication loans, and import/ export trade finance to companies with a focus on companies operating in the Greater China market.

Yuanta Commercial Bank’s expansion into Hong Kong follows its expansion into other Asian markets including the Philippines and South Korea, as it tries to build its international network and expertise. These countries are especially important to Yuanta Commercial Bank’s Hong Kong expansion as many corporations in Hong Kong have established a physical presence in these markets.

According to RFi Group research, almost four in five Hong Kong-based businesses with an annual turnover of more than USD 10million have a physical operation in China. Furthermore, 8% have physical operations in South Korea, and 7% are in the Philippines. With its expanded footprint in these markets, it will be interesting to see the growth of Yuanta Commercial, not only in just Hong Kong but also in the greater Asia region.

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