Cathay United Bank Gains Approval from Taiwan FSC to Establish a Branch in India
Supporting Taiwanese businesses in India and expanding into the South Asian market
TAIPEI, April 15, 2025 /PRNewswire/ -- In a strategic move to expand its international presence and meet the cross-border financial needs of Taiwanese businesses, Cathay United Bank (CUB) is preparing to establish a branch in Mumbai, India. After securing approval from Taiwan's Financial Supervisory Commission (FSC) on March 25, CUB is taking its first successful step into the South Asian region. With this planned overseas expansion, CUB will operate 68 overseas branches in 12 countries and regions, advancing its Asian financial strategy and strengthening support for Taiwanese businesses investing in India. This initiative also aligns with CUB's vision of becoming a leading regional bank in Asia by building a more comprehensive cross-border financial service network for clients.
Cathay United Bank President Alan Lee stated, "India, as the world's fifth-largest economy and a key driver of global economic growth, offers significant potential and opportunities, making it a key global financial hub. To support the supply chain strategies of Taiwanese businesses, we have upheld a customer-centric approach in proactively expanding our global business network. By leveraging our extensive experience in overseas markets, we strive to provide Taiwanese businesses with comprehensive financial solutions while forming partnerships with enterprises in India to foster economic prosperity and regional growth."
According to statistics from the International Trade Administration, Ministry of Economic Affairs (MOEA)[1], Taiwan-India bilateral trade reached a record high of US$10.609 billion in 2024, a year-on-year increase of 29%. MOEA figures further indicate that, as of the first half of 2024, approximately 250 Taiwanese businesses[2] were operating in India. Upon receiving approval from the Reserve Bank of India, the branch in Mumbai will focus on corporate finance, trade finance, cross-border transactions, and foreign exchange services. These services aim to ensure that Taiwanese and Indian corporate clients have access to comprehensive and convenient financial solutions. The FSC's approval of CUB's application to establish a branch in Mumbai underscores CUB's robust operational strength and ability to expand internationally, demonstrating CUB's firm commitment to facilitating cross-border operations.
In recent years, CUB has been strengthening collaboration and resource integration across its overseas locations. Currently, CUB operates several overseas branches (Hong Kong, Singapore, Vietnam, Malaysia, Myanmar, the Philippines, and Laos) and two subsidiaries (China and Cambodia), in addition to holding a stake in a joint venture bank in Vietnam and maintaining representative offices in Thailand and Indonesia. Following a year of outstanding profitability, CUB intends to strengthen the effectiveness of its international resource allocation this year to adapt to supply chain shifts and advance business development in the ASEAN and South Asian markets.
[1]Source: The website of the International Trade Administration, Ministry of Economic Affairs (publicinfo.trade.gov.tw/cuswebo/FSC30F0I/FSC30F0I?Val=IN)
[2] Source: Investment Guide to India, a publication by the Ministry of Economic Affairs for Taiwanese businesses investing in overseas markets.
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SOURCE Cathay United Bank
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