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Foreign banks prefer Shinyi district as HQ locale in Taipei.

Taipei, Sept. 30, 2010 (CENS) -- Foreign banks seem to prefer to set up Taiwan headquarters in the Shinyi district in eastern Taipei, with those already located in the ritzy area including Citibank, Hongkong & Shanghai Banking Corp., and Australia & New Zealand Banking Group (ANZ).

The Development Bank of Singapore (DBS) is reportedly to follow suit by moving its headquarters on Nanking E. Rd. and is planning to rent an office owned by the Shin Kong Financial Holding Co.

Insiders said that the rapid development of the Shinyi district is the main reason for DBS to relocate its headquarters.

In addition to the said foreign banks, two leading domestic banksiXChinatrust Commercial Bank and Cathay United BanksiXhave constructed high rises in the district as headquarters, with other financial institutions, including insurance firms and securities companies, having also established footholds there.

In recent years some foreign banks have seen sharply rising numbers of branches on the island after merging with local banks. Currently two third of their branches are in northern Taiwan and one third clustered in metropolitan Taipei, with the Shinyi district being their favorite.

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Author:Li, Judy
Publication:The Taiwan Economic News
Article Type:Brief article
Geographic Code:9TAIW
Date:Sep 30, 2010
Words:182
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