Taiwanese bank to invest $17.5 million in Vietnam

Industrial Bank of Taiwan plans to invest US$17.5 million in a venture in Ho Chi Minh City, it said in a filing to the Taiwan stock exchange Friday.

The Taipei-based lender Friday won approval from the Financial Supervisory Commission to take a 23.68 percent stake in the venture with a US bank, said Daphne Wu, a spokeswoman at the bank, who declined to name the partner.

The venture is still awaiting approval from the Vietnam Government, the statement to the exchange said.

As of the end of July, Taiwan’s banks had set up eight branches, 12 representative offices and one subsidiary in Vietnam, according to data from regulators.

Thanhnien

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