APRA grants Taipei Fubon Bank Australian licence
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- Taipei Fubon Bank secured a foreign authorised deposit-taking institution licence from the Australian Prudential Regulation Authority.
- The approval allows the Taiwan-based lender to conduct wholesale banking business within the Australian market.
- The decision follows the initial establishment of the financial institution's Sydney representative office in July 2021.
The Australian Prudential Regulation Authority granted Taipei Fubon Commercial Bank a licence to operate as a foreign authorised deposit-taking institution under the Banking Act 1959.
The approval expands the list of international financial firms in the local market by allowing the group to conduct wholesale banking operations in Australia.
The corporate history shows that Taipei Fubon was formed in January 2005 through a merger between Taipei Bank and Fubon Bank, marking the first combination of a state-owned bank and a private bank in Taiwanese history.
The parent company, Fubon Financial Holdings, holds an A-2 short-term and A- long-term credit rating from Standard & Poor’s, while operating 15 branches and three small-to-medium enterprise banking centres in Hong Kong.
The move builds upon the physical presence the organisation established when it first opened its corporate office in Sydney five years ago.
The broader expansion strategy of the parent financial group focuses on growing its wealth management, financial markets, and consumer and wholesale investment services across the Asia-Pacific region.