Taiwan Cooperative Bank opens representative office in Yangon

Taipei, Dec. 31 (CNA) Taiwan Cooperative Bank (合庫銀), the banking arm of Taiwan Cooperative Financial Holding Co. (合庫金), opened a representative office in Yangon, Myanmar Thursday, making the office the fifth foothold of the bank in the fast-growing Association of Southeast Asian Nations (ASEAN) market.

The four other outlets in the ASEAN market consist of one branch located in Phnom Penh, Cambodia, two sub-branches located in Tuek Thla and Pur Senchey, also in Cambodia, and another branch located in Manila, the Philippines.

The bank said that the office in Yangon is expected to help the bank to extend its reach in the ASEAN market and take advantage of the market's great growth potential. According to the bank, collectively, ASEAN is likely to become the fourth largest economy in the world by 2030, up from its current position in seventh place. (Courtesy of Focus Taiwan)