Mega Financial mulls Southeast Asia expansion

The lender has added capital of its HCM City branch by US$75mn, contributing about 25% of total income from all overseas branches.

Mega Financial Holding Co., Taiwan`s government-linked financial holding firm, plans to expand operations in Southeast Asia, targeting Vietnam, Indonesia, and Thailand but particularly Vietnam.

Mega International Commercial Bank, the company`s banking arm, has 31 overseas branches, the highest among Taiwan`s domestic banks and located mainly in Singapore, Malaysia, Indonesia, Thailand and Vietnam.

This year Mega Bank has raised the capital of its branch in Ho Chi Minh City, Vietnam by US$75 million, or five-hold the branch`s original capitalization.

Insiders say that the bank`s branch in HCM City usually contributes about NT$800 million to NT$1 billion (US$26.67-33.33 million) in profits to Mega Financial a year, for about one-fourth of the total for all the overseas branches.

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