Taiwan’s CTBC Bank, the banking division of CTBC Financial Holding, has entered the Malaysia market by opening a new representative office in Kuala Lumpur.
The Taiwanese lender secured the approval to launch the representative office from the Malaysian government in May.
The move comes after Malaysia started a liberalisation program for its financial sector in 2010, and started issuing licenses to foreign financial institutions.
CTBC Bank, which operates with 100 branches in 11 foreign countries, is the first Taiwanese lender in 17 years to secure the nod of Malaysian authorities to set up an office in Malaysia.
Prior to this, in 1998, Mega International Commercial Bank and Cathay United Bank were the only Taiwanese banks to establish their presence in Malaysia.
The new representative office will help the bank collect updated business data on the Southeast Asian country, and reinforce communications with local financial authorities, CTBC Bank said in a statement.