Taiwanese bank withdraws from Vietnam

The Land Bank of Taiwan has closed its representative office in Ho Chi Minh City.

An application for the closure has been forwarded to Taiwan’s Financial Supervisory Commission.

It becomes the first Taiwanese bank to withdraw from Vietnam.

According to a senior manager at LBT, the bank established a representative office in HCM City in 2006 without upgrading to a branch for about six years, so it decided to shut down the office.

Other Taiwanese banks have to closed overseas offices.

Hua Nan Bank earlier shuttered its offices in Tokyo, Japan; Frankfurt, Germany; and Indonesia; while Mega International Commercial Bank, Bank SinoPac and Bank of Taiwan have also withdrawn applications for establishing branches in Macao.

Nevertheless, many Taiwanese banks have established footholds in Southeast Asia, including Cambodia, Vietnam, Singapore, Indonesia, Malaysia, Thailand, and the Philippines.

For the source of this story, click here.

Also Read

SMBC, Fujitsu Limited to create data analytics business

Thai banks not “materially” affected by Myanmar earthquake

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit