Taiwan Bank goes to Cambodia

Taiwan Times 

Mon, Sep 10, 2012  

Staff writer, with agencies

Taiwan Cooperative Bank (合作金庫銀行), the banking arm of Taiwan Cooperative Financial Holding Co (合作金庫金控), received the green light from the Cambodian Central Bank to open a branch in the capital of Phnom Penh, the bank said on Saturday.

Cambodia has became an investment hot spot in recent years as many Taiwanese businesses operating in China have shifted their operations there due to lower costs, the bank said.

The new branch, which is expected to open in the next six months, will offer services including deposits, lending and foreign exchange. The branch will target not only Taiwanese businesspeople, but also local residents and enterprises.

Over the years, the bank has been aggressively expanding its presence overseas, opening a branch in Suzhou, China, in 2010 and one in Sydney, Australia, last year.