BRANCH BANKING | Tony Chua, Taiwan

StanChart keen on Taiwan operations

Reinforces corporate, home lending, and wealth management operations as profit in first seven months reaches US$98.6mln.

Having strong confidence in Taiwan, Standard Chartered Bank (SCB), the U.K-based South African bank, has been expanding operations on the island over the past decade.

Sunil Kaushal, president of Standard Chartered Bank (Taiwan) Ltd., says that the SCB has remitted US$2 billion to its branch in Taiwan to conduct three mergers in the past several years, with the merger with Hsinchu International Bank in 2006 facilitating its expansion rapidly.

Kaushal said that Taiwan`s financial environment will continue to improve with the inking of the ECFA (economic cooperation framework agreement) with China this year, confirming that SCB (Taiwan) will keep reinforcing its strengths in corporate and home lending as well as wealth management, aiming to be one of the best banks here in the next three to five years.

In the first seven months, the bank accumulated profits of NT$3.155 billion or US$98.6 million, the second highest among foreign banks in Taiwan and exceeding two thirds of the domestic banks.

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