TAIPEI — Australia and New Zealand Banking Group Ltd. (ANZ) has been permitted to set up a subsidiary in Taiwan — the fifth to be owned by a foreign bank, according to the Financial Supervisory Commission on Friday.
The subsidiary will be fully responsible for all assets and liabilities of the current 18 branches that employ some 1,600 people, the commission said Thursday.
All customers with the ANZ branches will not be affected, the commission noted.
ANZ first opened a Taiwan branch in 1980 and acquired the ABN AMRO Bank’s business in Taiwan in 2010. The bank posted total assets valued at NT$226.3 billion (US$7.57 billion) as of December 2011, with pre-tax profits at NT$2.64 billion, the commission said.
Besides the Australia-based banking group, four other subsidiaries of foreign banks — Standard Chartered Bank, Citibank, HSBC, and DBS — have been operating in Taiwan.