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Another Taiwanese bank opens office in Manila

Taiwan’s Hua Nan Commercial Bank has opened an office in Manila, taking advantage of the liberalization of the local banking system in the Philippines. This is the 14th overseas branch of the 98-year-old Taiwanese bank, a subsidiary of Hua Nan Financial Holdings Co, which was the first company to list on Taiwan’s stock exchange. The bank’s chairman Wu Tang Chieh said the bank’s vision is to become a first-class regional bank in Asia. and Taiwan and the Philippines are two neighboring countries sharing similar location and traditional friendship. The bank is the ninth foreign bank and the fourth domiciled in Taiwan to enter the Philippine banking system. Three other new Taiwanese banks have also opened offices in the Philippines – Cathay United Bank, Yuanta Commercial Bank Co and First Commercial Bank.

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