Taipei Fubon Commercial Bank (台北富邦銀行) yesterday launched a new overseas unit in Sydney, Australia, in a bid to gain further momentum in markets targeted by the government’s New Southbound Policy.
Although it is not a branch, but a sales office, it can provide Australian and Taiwanese companies operating in the country with its analysis of market conditions and through its connections with other Taipei Fubon Bank branches, the bank said.
The newly launched unit would not only help existing clients in Australia receive funding or improve financial flexibility, but also offer consulting services for companies that are interested in expanding into Australia, it said.
It would also collaborate with financial agencies in Australia to provide services to its clients, it added.
The unit is the fourth Taipei Fubon Bank operation to be set up in a country targeted by the New Southbound Policy, after the establishment of branches or offices in Vietnam, Singapore and Indonesia since 2008, company data showed.
Taipei Fubon Bank said it is optimistic about its prospects as the Australian economy, the 13th-largest in the world, was among few with “AAA” sovereign credit ratings by Moody’s, Fitch and S&P Global Ratings, the bank said in a statement.
Australia’s GDP grew 1.8 percent annually in the first quarter and had recovered to the pre-COVID-19 pandemic level, the bank added.
Overall, the bank believes that New Southbound Policy countries would see strong business momentum this year after being beaten by the COVID-19 pandemic last year, aided by rising vaccination coverage and the easing of pandemic measures, it said.
“Our three branches in Ho Chi Minh City, Binh Duong and Hanoi saw double-digit growth rates in deposits and loans in the first six months of the year, while deposits in our Singapore branch expanded 70 percent annually,” it said.
“That signaled an economic recovery,” it said.
With the addition of the unit in Australia, Taipei Fubon Bank now has 34 overseas units, it said.
About 10 local banks operate branches in Australia, but most of them are state-run lenders such as Mega International Commercial Bank (兆豐銀行), Taiwan Cooperative Bank (合作金庫銀行), First Commercial Bank (第一銀行), Bank of Taiwan (台灣銀行) and Taiwan Business Bank (台企銀).
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