By Crystal Hsu / Staff reporterState-owned Bank of Taiwan (BOT, 台灣銀行), the banking arm of Taiwan Financial Holding Co (台灣金控), yesterday approved plans to set up a representative office in Frankfurt, Germany, as it takes steps to brace for Brexit and deepen its presence in Europe. The BOT assessed locations in France, Ireland, Luxembourg and other countries before deciding on Frankfurt, Lyu said. It plans to file expansion applications with the Financial Supervisory Commission next month and pursue cooperation pacts with European lenders in November to pave the way for the Frankfurt office, Lyu said, adding that the new office might open in next spring. The bank is also seeking expansions in other parts of the world to strengthen its global network, he said. It plans to establish a representative office in California’s Silicon Valley next month, followed by a representative office in Bangkok, Thailand, in December, Lyu said, adding that it is also interested in establishing outlets in the Philippines, Vietnam, Indonesia and Australia.

Source: Taipei Times September 25, 2017 15:56 UTC