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Taipei bank gets permission for China operations

Taipei’s E. Sun Commercial Bank has secured permission to set up new operations in China and Vietnam. The parent company of the bank, E. Sun Financial Holding Co, said the China Banking Regulatory Commission has approved its plan to set up a subsidiary and a new branch in Shenzhen, Guangdong Province. According to the bank, its Chinese subsidiary will be set up in Shenzhen’s Qianhai area with 2 billion Chinese yuan in capital, while the new branch will be opened in Futian District, in the next six months. E. Sun said the planned new operations in Shenzhen will allow it to better tap into opportunities created by China’s Silk Road economic belt and maritime Silk Road initiatives, in which the southern city is a strategic part. The bank currently operates a branch and a sub-branch in Dongguan, also in Guangdong. The bank also announced that the Vietnamese central bank has approved its plan to set up a branch in Dong Nai Province, which is expected to open by the end of this year.

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