Shin Kong Bank to open HK branch in six months


CNA

TAIPEI–Shin Kong Commercial Bank, a wholly-owned unit of Shin Kong Financial Holding Co., said yesterday it plans to open a full-service branch in Hong Kong in six months.

The bank said it was granted a license for the branch by the Hong Kong Monetary Authority on Dec. 10 after submitting an application in November 2009 to enter the territory.

The bank is now gearing up for preparation of the establishment of the Hong Kong branch, including deciding where it will be located, it said.

The Hong Kong branch will become the bank’s first overseas outlet. It currently has a total of 105 branches all over Taiwan.

According to the bank, having a presence in Hong Kong is expected to boost the bank’s international visibility, because the territory has long been a regional financial hub.

By taking advantage of its geographic proximity to China, the Hong Kong branch is also expected to help the bank continue to serve Taiwanese customers that have established business ties with the mainland, the bank said.