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As Hong Kong continues to foster closer economic ties with Taiwan, Industrial Bank of Taiwan has opened its first branch in the Hong Kong in April.
As of June 2008, over 330 Taiwanese enterprises have located their regional headquarters, regional offices or local offices in Hong Kong. To further facilitate economic ties with Taiwan investment, the Government has recently set up an inter-departmental steering committee to study and co-ordinate overall strategy and action plans.
Chief Executive of Hong Kong branch of the Industrial Bank of Taiwan, Ms Tina Lo, said, "We will target the emerging business opportunities in the Mainland, which is an important strategic market in our global expansion."
Director-General of Investment Promotion at Invest Hong Kong, Mr Simon Galpin, welcomed the branch opening, and the fact that Taiwanese enterprises are entering the Mainland market through Hong Kong. He said, "The growth in business ties between the Mainland and Taiwan will also bring economic benefits to Hong Kong. Our unique status as a global financial centre will enable us to serve as a bridge between the Mainland and Taiwan. In addition, Taiwanese enterprises can take advantage of CEPA to explore the vibrant Guangdong market."
Mr Galpin also encouraged more Taiwanese financial institutions to come to Hong Kong. "With the strong number of Taiwanese enterprises setting up their operations in the Mainland, there will be a great demand for the financial services that Hong Kong offers," he said.
Ms Lo added, "Our decision to extend our overseas services to Hong Kong was not affected despite the global financial crisis. We are optimistic that China will experience a quick economic recovery, while Hong Kong as an international financial centre is the best location to capture the lucrative business opportunities there."
About Industrial Bank of Taiwan
The Industrial Bank of Taiwan Group was founded in 1999, providing a wide range of financial services in Taiwan. Following its internationalisation strategy, the group acquired EverTrust Bank in the U.S. in March 2007 to enter into the North American market. Services and products provided by the Hong Kong branch include savings and deposits, loans, foreign exchanges, remittance and derivatives. In addition to its core banking services, the Hong Kong branch plans to offer services in M&A advisory and financing, project finance, and general trade finance. Its target clients are mainly Chinese and Taiwanese enterprises operating in the region. For more information, please visit www.ibt.com.tw .
About Invest Hong Kong
Invest Hong Kong is the award-winning department of the Hong Kong Special Administrative Region Government responsible for attracting and facilitating inward investment into the city, by providing free services and support to help overseas, Mainland and Taiwanese companies establish or expand their business presence in Hong Kong. For more information, please visit www.InvestHK.gov.hk .
Ends/Thursday, May 7, 2009
Issued at HKT 17:43
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