Taipei, June 25 (CNA) The Taiwan Cooperative Bank said Saturday it is planning to set up a branch in the Cambodian capital of Phnom Penh as part of its efforts to expand its presence in Asia.
The bank said as Cambodia, which belongs to the booming economic bloc, the Association of Southeast Asian Nations (ASEAN), has attracted a large amount of foreign investment, and the Phnom Penh branch will be used as a springboard for the bank to penetrate the country's financial market.
The board of directors of the bank has approved the plan to establish the Cambodia foothold, but no information about an exact timetable for the plan was forthcoming.
In 2007, the bank opened its first overseas branch in Hong Kong, kicking off its program for expansion in Asia.
In addition to the Hong Kong branch, the bank currently operates branches in Manila, Los Angeles, Seattle and China's Suzhou.
The Suzhou branch, which opened in December 2010, has built business relationships with several major Chinese banks, bank officials said.
The bank said it is expected to open a branch in Sydney by the end of this year. (By Tien Yu-pin and Frances Huang) ENDITEM/J
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