Vietnam to allow Taiwanese firms 100% ownership of banks

Focus Taiwan
Date: 2015/12/02
By: Tsai Yi‐chu and Lee Mei‐yu

Taipei, Dec. 2 (CNA) Taiwanese banks and insurers will be able to acquire 100 percent

Financial Supervisory Commission Chairman Tseng Ming‐chung (曾銘宗), CNA file photo

Financial Supervisory Commission Chairman Tseng Ming‐chung (曾銘宗), CNA file photo

shares of privately owned Vietnamese banks, Financial Supervisory Commission Chairman Tseng Ming‐chung (曾銘宗) said in Taipei on Wednesday after returning from a trip to Vietnam.

Tseng traveled to Vietnam — the first trip ever by the head of Taiwan’s financial regulatory agency — to create new opportunities for Taiwanese banks to extend their reach into the booming Southeast Asian market.

While there, he met with financial regulators and signed a memorandum of cooperation on banking.

Tseng, who has pushed measures to help Taiwanese banks grow in scale to match the size of regional counterparts, said the Vietnamese government promised to allow Taiwanese investors to own 30 percent of state‐owned banks and 100 percent of local privately owned banks.     [FULL  STORY]

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