Fubon Financial plans to expand in China

Xiamen Bank eyes setting up Zhangzhou, Fujian Province, Wenzhou, Zhejiang Province and Shantou, Guangdong Province branches.

Taiwan-based Fubon Financial Holding Co Ltd, the island's second-largest financial services company by market value, is preparing for expanding business in mainland China, sources reported.

Victor Kung, general manager of Fubon Financial revealed last week that Xiamen Bank Co, in which Fubon Financial holds a 19.9% stake, has filed application to launch a branch in Chongqing, adding the bank also eyes setting up branches in Zhangzhou, Fujian Province, Wenzhou, Zhejiang Province and Shantou, Guangdong Province.

Kung also said that Fubon Financial's 70%-owned Fubon Bank (Hong Kong) Ltd is seeking to secure regulatory approval to promote its representative office in Dongguan, Guangdong Province to a branch.

View the full story in China Knowledge.