Taiwan Cooperative Bank opens its branch in Sydney
30 September 2011
Taiwan’s second largest bank opened its doors in Sydney last week, making it the fourth Taiwanese bank to establish branch operations in Australia.
Taiwan Cooperative Bank (TCB) operates though more than 300 branches domestically and internationally. Its overseas outreach includes Belgium, China, Hong Kong Special Administrative Region, Philippines, the United States of America, and now Australia.
In 2010, Taiwan was Australia’s sixth largest merchandise export market and 14th largest source of merchandise imports.
With the launch of its Australian operations, TCB has signalled its confidence in Australia’s open, stable and low-risk financial markets.
Austrade’s Executive Director for International Operations, Laurie Smith, said TCB’s presence in Sydney highlights Australia’s key role as financial services centre in the Asia-Pacific region and reflects the strong economic relationship between Australia and Taiwan.
Austrade works with financial institutions like TCB to encourage and facilitate international investment in Australia’s open and competitive banking system. Austrade worked alongside New South Wales Trade and Investment to support TCB in its move to Australia.
Australia’s financial sector contributes about 11 per cent to the nation’s annual GDP and today, twenty of the Forbes’ Top 25 banking institutions have a presence in Australia.
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