SinoPac targets growth from overseas, looks to Vietnam, Singapore branchesBy Kao Shih-ching / Staff reporterSinoPac Financial Holdings Co (永豐金控) aims to generate 30 percent of its profits from overseas operations this year, as well as expand its operations in Vietnam and open a Singapore branch, SinoPac Financial president Stanley Chu (朱士廷) said yesterday. The bank would start with personal loans in Vietnam, as it expects the nation’s rapid economic growth and rising middle class to boost the growth of consumer loans, Hsu said. From left, SinoPac Securities Co president Chiang Wei-yuan, Bank SinoPac president Eric Chuang, SinoPac Financial Holdings Co president Stanley Chu and SinoPac Financial spokeswoman Kerry Hsu attend an investors’ conference in Taipei yesterday. Photo: Kelson Wang, Taipei TimesThe Financial Supervisory Commission last year approved the bank’s plan to establish a Singapore branch, he said. The bank expects to receive regulatory approval in Singapore this year to open the branch, which would be its fourth overseas market, after China, the US and Vietnam, he said.

Source: Taipei Times March 11, 2021 15:56 UTC