The National Bank of Cambodia has approved Taiwan’s Cooperative Bank to establish a branch in Phnom Penh, reported Taiwan’s Economic Daily News.
It is the second Taiwanese bank, following from Mega International Commercial Bank opened in early October, to enter Cambodia’s banking sector, which experts have said is overcrowded – 38 banks operating in the Kingdom. The bank has 306 domestic and overseas branches in countries such as the Philippines, China, and the United States, according to the website.
The Taiwan Cooperative Bank is a publicly listed bank headquartered in Taipei City, Taiwan. Originally formed by the Japanese during the Taiwan under Japanese rule in 1923, TCB was taken over by the Republic of China government since 1946 and has been prospering. Nowadays it is one of the most prominent banks in Taiwan, having the most branches (301) among all banks in Taiwan. The Taiwanese government owns nearly 40% of the bank.
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