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Mega Bank of Taiwan Plans to Set up Branch in Abu Dhabi, UAE

2014/12/11 | By Judy Li

After setting up branches in China, Mega International Commercial Bank, a Taiwanese  government-linked bank, plans to expand into western Asia and the Middle East.

A banking affiliate of Mega Financial Holding Co., Mega Bank scored after-tax profits of NT$20.484 billion (US$682.8 million) in the first three quarters of this year, for a sharp annual growth of 36.3% and the latter NT$23.826 billion (US$794.2 million) for a rise of 30.8%.

In the last two years over 60% of Mega Bank's profits came from its overseas operations to motivate the bank to keep tapping overseas markets. In China, it focuses on the market around the Yangtze River Delta which is clustered with many Taiwanese enterprises, and  recently has been approved to set up a branch in Ningbo of Zhejiang Province.

In the Middle East, Mega plans to establish a branch in Abu Dhabi,  capital of the United Arab Emirates (UAE) neighboring  Dubai, to become the first Taiwanese bank to set up operations in the UAE if all goes as planned. (JL)