The Industrial Bank of Taiwan, one of the Taiwan's leading investment banks, opened a representative office Tuesday in Tianjin, northern China.
The Tianjin outlet is the bank's first representative office in China. The bank is eyeing the increasing number of Taiwanese investors operating in northern China.
At the opening ceremony, bank Chairman Kenneth Lo said his bank expects great potential for growth in Tianjin, as the city serves as one of the most important financial centers in northern China on the back of its economic strength and excellent geographic advantage in the broader Bohai area.
Lo said the Tianjin office is expected to serve as a bridge between the bank's headquarters in Taiwan and the booming business circles in Tianjin, adding that the bank is considering the possibility of setting up a Chinese operations hub in the city.
He said that if any enterprises in Tianjin are interested in investing in Taiwan, his bank will be able to provide necessary assistance to push for the investment project.
In turn, Lo added, if any Taiwanese companies are planning to invest in the Chinese city, the bank is expected to help them set up business links there through its comprehensive financial advisory services.
In particular, he continued, he is looking forward to cross-Taiwan Strait cooperation in medical services through mutual investments.
The bank plans to use the Tianjin office as a base to establish partnerships with its Chinese counterparts, such as signing memorandums of understanding with large financial institutions in China.
The Tianjin office is expected to serve as a springboard for the bank to extend its reach in the huge Chinese market, the bank said.
Lo said that after the establishment of the Tianjin office, the bank is planning to set up its third financial leasing outlet in China in the second half of this year.
The bank's wholly-owned financial leasing company opened its first mainland outlet in Suzhou, Jiangsu Province, in June 2011 and a second in Dongguan, Guangdong Province, in March 2012.
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The Industrial Bank of Taiwan, one of the Taiwan's leading investment banks, opened a representative office Tuesday in Tianjin, northern China.
