Hua Nan Bank, a major Taiwan-based bank, has received approval from the cental bank of the Philippines to set up a branch in the Southeast Asian country.
Hua Nan Bank currently has 13 branches overseas, and its branch in Manila will become its 14th.
The Manila branch will not only serve Taiwanese businesses in the Philippines, but will also tap local customers, based on its past experience in helping small- and medium-sized businesses develop, it said.
Hua Nan Bank has become the first Taiwan bank to set up a branch in Southeast Asia since the recent unveiling of the government's "New Southbound Policy," that is aimed at enhancing trade and economic ties with countries in South Asia, Southeast Asia and Oceania.
The plan targets the markets of the 10 members of the Association of Southeast Asian Nations (ASEAN) and six nations in South Asia, as well as Australia and New Zealand.
Source: Focus Taiwan News Channel