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Taiwan bank to open branch in New York

Taiwan Business Bank will open a branch in New York. The bank received approval to set up a branch from the U.S. Federal Reserve. The bank, which has consolidated assets of approximately $45 billion, is a subsidiary of Bank of Taiwan, the largest bank in Taiwan that is wholly owned by the ministry of finance. It operates a state-licensed branch in Los Angeles and has branches in Hong Kong, Shanghai, Sydney and Brisbane..

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