Sydney first choice for Taiwanese bank
22 September 2011
The Taiwan Cooperative Bank, the second largest bank in Taiwan, has chosen Sydney for its first branch in Australia.
Deputy Premier and Minister for Trade and Investment Andrew Stoner said the bank is expected to invest $40 million over the next five years. "Taiwan Cooperative Bank’s decision to establish in Sydney is another endorsement of the city as Australia’s finance capital and a leading financial services hub in the Asia Pacific."
The Taiwan Cooperative Bank (TCB), which was established in 1946, has its headquarters in Taipei and now has more than 300 branches in Taiwan and over 8,000 staff. It is the 160th largest bank in the world by asset size and has international representation in the Philippines, the USA, Hong Kong, Belgium and China.
Mr Stoner said the presence of the TCB in Sydney would help to build trade and investment between Taiwan and NSW.
"The TCB Sydney branch will encourage bilateral business by providing deposit services, loans, trade financing, foreign exchange trade and other commercial services," Mr Stoner said.
The Taiwan Cooperative Bank joins two other Taiwanese banks in Sydney – the Mega International Commercial Bank and the Taiwan Business Bank.