KUALA LUMPUR (Nov 23): Taiwanese CTBC Bank Co Ltd plans to open branches in Malaysia and expects to apply for license from Bank Negara Malaysia (BNM) next year.

Speaking to reporters after the opening of its representative office here today, CTBC Bank's executive vice president and chief strategy officer Frank Shih said the banking group will apply for a banking license in one year's time.

"This is the usual practice here in Malaysia. Foreign banks will have to operate its representative office for a year, before applying for a license,

"But if we can speed up the process, it will be less than a year. We will work on that," he said.

Shih said the banking group is ready to invest in Malaysia and will need to inject US$100 million as the capital to set up a subsidiary in Malaysia.

"In fact, we are ready to invest more than that," he added.

CTBC Bank is the first Taiwanese bank approved by BNM to enter Malaysia, over the past 17 years.

CTBC Bank had a total of 147 branches in Taiwan and 100 oversea outlets and a total of 5,184 ATMs located across the island, according to its website.
 
CTBC Bank boasts NT$1.73 trillion in deposits and NT$2.16 trillion in total assets — the most of any privately-operated bank in Taiwan.

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