TAIPEI (TVBS News) — The Financial Supervisory Commission (金管會) announced on Wednesday (Aug. 6) its approval for Union Bank of Taiwan's (聯邦銀行) application to the Japanese authorities to establish a branch in Tokyo. With Taiwanese investment following TSMC's (台積電) expansion into Japan, the Union Bank of Taiwan's decision to establish the new branch aligns with its strategy to capitalize on the stable political and economic environment in Japan, as well as the thriving trade relations between Taiwan and Japan.
TSMC's establishment of a plant in Kumamoto has sparked a surge in industrial investments, prompting Taiwanese banks to accelerate their entry into the Japanese market. By planning a Tokyo branch, Union Bank of Taiwan will expand its financial service network beyond its existing representative offices in Ho Chi Minh City and Hanoi.
According to the Financial Supervisory Commission, eight Taiwanese banks, including Bank of Taiwan (台灣銀行) and First Commercial Bank (一銀), currently operate one subsidiary and 13 branches in Japan. The construction of TSMC's production center in Kumamoto has also sparked a surge in the local real estate market, catapulting the prefecture to the top of Japan's national charts for the highest jump in land prices in 2024.