＜Taipei＞ Continuing its internationalization move, the Industrial Bank of Taiwan (IBT) is to open its Hong Kong Branch tomorrow (April 9, 2009). The Branch is ready to provide diversified services in savings, loans, foreign exchange, derivatives and remittance, striving to be the best support to its clients.

According to IBT, with its internationalization it intends to build a business platform to serve clients in Taiwan, Hong Kong, China and the U.S. Through providing diversified financial services, the bank endeavors to meet the financing needs of overseas Chinese enterprises in particular. After acquiring EverTrust Bank in the U.S. to enter into North America, the bank is further positioned to establish Hong Kong Branch in order to enter the Greater China market. Located at a strategic position around Taiwan Strait, Hong Kong is not only a funding center, but also an international financial center. The financial Tsunami in 2008 has severely hit the world economies. A few countries even struggled for survival. Amid this economic and financial turmoil, Hong Kong economy has also suffered. However, the lukewarm economic recovery in Greater China area is expected to bring lucrative opportunities to Taiwan and Hong Kong. The IBT chooses to open its Hong Kong Branch now because it attempts to participate in Hong Kong’s economic bolstering plans and to contribute to the business growth of its existing and prospective customers.

The IBT stated that the Hong Kong branch is to be headed by Chief Executive, Ms. Tina Y. Lo, who is head of Global Banking at IBT. Since obtaining an MBA degree from MIT’s Sloan School, Ms. Lo has accumulated more than a decade of experiences in the banking and investment industries. She is also Managing Director at IBT.

Ms. Lo expressed that Hong Kong Branch will leverage on its combined industrial-commercial banking platform and the IBT Group’s client base. It will provide a broader range of banking services to meet various financial needs such as M&A advisory and financing, project finance and general trade finance. Thus, IBT’s scope of business and geographical presence can be further expanded, which will greatly benefit Taiwanese businesses in their funding and business development.