Taiwan’s Chang Hwa Bank to open branch in Philippines

Taipei-- Taipei-based Chang Hwa Bank is poised to open a new branch in the Philippines and an office in Myanmar later this year, as part of an ongoing plan to expand its overseas presence.

The bank, one of the major commercial banks in Taiwan, said the Philippine government has approved its application to open a branch in Manila. It hopes that the new branch will be able to start operations by the end of the year.

The bank is looking to capitalize on fast economic growth in the Philippines and the Philippine government policies designed to improve the investment environment there, it said.

Meanwhile, Chang Hwa Bank is set to open an office in Yangon, the largest city in Myanmar, on Aug. 8, in an effort to learn more about the financial market in the country in preparation for the opening of a branch there in the future, it said.

The bank already has branches in Japan, Singapore, Hong Kong, China, the United Kingdom and the United States.

It will also continue to expand in China and Southeast Asia, with plans to open new branches in Nanjing, China and Phnom Penh, Cambodia.

Source: Overseas Community Affairs Council