Industrial Bank of Taiwan (IBT) said Thursday it is planning to open a financial leasing outlet in Tianjin by the end of this year to serve small and medium-sized enterprises in the Chinese city.
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IBT, one of Taiwan's leading investment banks, said it is studying the feasibility of either setting up a directly owned leasing company to run the Tianjin office or opening the outlet under its existing leasing unit -- IBT International Leasing Corp.
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The bank disclosed the plan during a meeting between IBT Chairman Kenneth Lo and visiting Tianjin Mayor Huang Xingguo.
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Lo said IBT has decided to use Tianjin as its China headquarters as the bank has forged close business ties with the Chinese city and looks forward to a stronger partnership. In April, IBT opened a representative office in Tianjin, becoming the first Taiwanese bank to establish a presence in the city.
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IBT said it appreciates the city's policy to promote its financial market by encouraging banks and other financial institutions to provide new products for their clients.
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During the meeting with Lo, Huang said Tianjin is one of the Chinese cities that have great potential to grow and noted that its annual economic growth has average 16.5 percent in recent years.
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Although the China economy is slowing down as a result of the debt problems in the eurozone, Tianjin is expected to post an increase of 14 percent in its gross domestic product for 2012, Huang said.
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Like Shanghai and Shenzhen, Tianjin will become another investment destination for foreign investors, he forecast. IBT said that before it sets up its Tianjin leasing outlet, it will open a financial leasing office in Nanjing in August and is also eying western China for leasing business expansion in 2013.
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In June 2011, the bank set up IBT International Leasing Corp. in Suzhou, Jiangsu Province to kick off its leasing business in China. In March 2012, the leasing unit opened an office in Dongguan, Guangdong Province.Â
Industrial Bank of Taiwan (IBT) said Thursday it is planning to open a financial leasing outlet in Tianjin by the end of this year to serve small and medium-sized enterprises in the Chinese city.
