State-run Taiwan Cooperative Bank (合作金庫商業銀行) has opened an office in the Czech Republic’s capital, Prague, to tap business opportunities in central Europe.

The banking arm of Taiwan Cooperative Financial Holding Co (合作金控) pressed ahead with plans to open the office despite the lingering COVID-19 pandemic.

Under chairman Lei Chung-dar (雷仲達), Taiwan Cooperative Financial has over the past few years expanded its global footprint in Asia, Europe, Australia and the US, aiming to boost revenue contributions from overseas operations.

A Taiwan Cooperative Bank branch is pictured on Guan Chien Road in Taipei on May 14.

Photo: George Tsorng, Taipei Times

The Prague office is intended to be a regional base of operations and might join forces with a subsidiary in Belgium to serve customers in developed western European nations, the lender said on Tuesday.

Taiwanese electronics makers Hon Hai Precision Industry Co (鴻海精密), Inventec Corp (英業達) and Wistron Corp (緯創資通), as well as beverage supplier King Car Industrial Co (金車), have created a presence in the Czech Republic, as bilateral trade ties are gaining momentum, the bank said.

Located in the center of Europe, the Czech Republic relies on tourism and industry as its main economic drivers, the lender said, adding that it has better infrastructure than eastern European countries, but lower personnel costs than western European markets, making it an ideal choice for developing business in central Europe.

The Prague office is Taiwan Cooperative Bank’s 26th overseas base of operations and the sixth established in the past five years.

Source