Taiwanese bank First Commercial abandons El Salvador in order to target Asia
Taiwanese banks as First Commercial Bank, Taiwan Business Bank and Chang Hwa Bank are redeploying global operations to tap the increasingly wealthier Asian market.
First Commercial recently decided to focus more on Asia, close its branch in El Salvador, and may shutter operations in Oceania. On the contrary, the bank plans to expand operations in Asia and may merge banks in Indonesia and Thailand.
First Commercial, says that, despite being the first Asian bank to establish a foothold in El Salvador, the bank has decided to close the branch there due to outmigration of Taiwanese textile manufacturers in recent years.
Original source: CENS