The Bank of Taiwan, the largest Taiwanese bank, wants to set up a representative office in Lithuania as it sees an opportunity to expand its business in Central and Eastern Europe from Lithuania, the Verslo Zinios news portal has reported.
According to the portal, the Financial Supervisory Commission of Taiwan has approved the state-owned bank’s application to set up in Lithuania. Paulius Lukauskas, head of the Lithuanian Trade Representative Office in Taiwan, confirmed this to the Verslo Zinios, and the local financial media also published this information.
The Bank of Taiwan emphasizes the trade and economic ties with Lithuania, which have strengthened in recent years, and the country’s geographical position between Europe and Eurasia. It says that the establishment of a representative office in Lithuania would help exploit business opportunities in Central and Eastern European markets and expand the bank’s business abroad.
According to Lukauskas, Taiwanese banks will be encouraged to follow the business by Taiwanese investments in Europe, including plans by Taiwanese chip giant TSMC to invest in a new semiconductor plant in Germany.
Bank of Taiwan currently has 11 representative offices, including offices in the United States, Hong Kong, Japan, Singapore, UK, South Africa and Australia.
Source: BNS
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