Taiwan bank bullish on Philippine expansion plan

MANILA, Philippines – Taiwan’s Yuanta Financial Holdings expressed optimism on the country’s growth prospects under the Duterte administration.

Yuanta Financial operates in the Philippines through its first overseas subsidiary bank, Yuanta Bank, formerly known as Tong Yang Savings Bank.

In a chance interview Monday night, Yuanta executive vice president Allen Wu said depending on the business environment, the bank may add more branches as part of its expansion plans.

“We have expansion plans. After three years, we will review the business,” said Wu.

The company currently has three branches all located in Metro Manila.

The company is specifically targeting Taiwanese and Korean corporate clients as well as Filipino consumer clients as it seeks to implement a localized business model.

In addition to local Filipino residents and Korean clients and nationals, Yuanta will also pursue target client groups including top quality listed companies and Taiwan-funded enterprises across the Southeast Asia region, Wu said.

Yuanta Financial announced its official name change in a ceremony Monday night.

Officials said the change in name to Yuanta Bank from Tong Yang Savings Bank is in line with the company’s move to provide an even better core banking system.

“The move represents now only a new name for the bank but also a new look for its business locations and a new effort to provide an even better core banking system; with a new brand, a new look and new ‘localized’ financial services, Yuanta Bank demonstrates its commitment to cultivating the Philippines market,” Yuanta said in a statement.

Along with its name change, Yuanta Savings Bank Philippines also seeks to provide a new customer experience and has invested millions of dollars to redesign its business locations and greet customers with a brand new look, the bank said.

Furthermore, Yuanta said it would uphold consistent business concepts in its risk management, business promotion and other operational systems by updating its core banking system, steadily expanding its lines of business and increasing its operational efficiency.

In all, Yuanta Bank’s current overseas locations include subsidiary banks Yuanta Savings Bank (Philippines) and Hanshin Savings Bank of Korea, which will also be renamed as Yuanta Savings Bank (Korea).

Yuanta Bank is also merging with Ta Chong Bank in Hong Kong.

“On the strength of this “golden triangle” between the Philippines, Korea and Hong Kong, Yuanta Bank will be able to more fully realize its international operational synergies,” it said.