Taipei Fubon Bank opens first Seoul office to bolster Asia-Pacific push
Fubon Financial Holding, the bank's parent company, said Tuesday that the office opened its doors in Yeouido, Seoul's financial district in Yeongdeungpo-gu, on Friday. This makes Fubon the second Taiwanese bank to establish a foothold in Korea.
Fubon Financial is Taiwan's largest financial conglomerate by market capitalization, valued at around NT$1.2 trillion ($41.3 billion). That exceeds the market cap of Korea's largest financial group, KB Financial Group, which stands at about 45 trillion won ($33 billion).
'As a major economy in Asia, South Korea has shown immense growth potential in technological innovation and manufacturing,' said Tim Kuo, president of Taipei Fubon Bank, adding that rising trade between Taiwan and South Korea is expected to create promising business opportunities.
'The group's local resources will help the Seoul office identify market opportunities,' Kuo said. 'Taipei Fubon Bank will also collaborate with other companies to build a strong foundation for Fubon's long-term growth in Asia.'
With Seoul as a strategic foothold, the Taiwanese lender said it aims to strengthen its presence across the Asia-Pacific region and expand its global network to support the cross-border growth of Taiwanese businesses.
Initially, the bank plans to focus on market research and cultivating local business relationships, laying the groundwork for a targeted strategy to enhance Taipei Fubon Bank's services in the broader Asian market.
Fubon Group currently maintains a presence in Korea through its insurance arm, Fubon Hyundai Life Insurance, along with investments in Woori Financial Group and Hyundai Card.
Globally, the group operates one subsidiary bank, five branches and three representative offices across the Asia-Pacific region. It plans to open a branch in Sydney in the fourth quarter, with additional branches in Tokyo and India also in the pipeline.
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