APRA grants Taipei Fubon Bank licence to operate in Australia

The news: The Australian Prudential Regulation Authority (APRA) has granted Taipei Fubon Commercial Bank a licence to operate as a foreign authorised deposit-taking institution (Foreign-ADI) under the Banking Act 1959, expanding the list of authorised deposit-taking institutions in Australia.

The context: The approval allows Taipei Fubon to conduct wholesale banking business in Australia and adds to the growing number of international banks operating in the local market.

Taipei Fubon Bank, a wholly owned subsidiary of Fubon Financial Holdings, was formed through the merger of Taipei Bank and Fubon Bank in January 2005. According to the company’s corporate profile, it was the first merger in Taiwan’s banking history between a state-owned bank and a private bank.

Fubon Bank is one of the Taiwan’s largest financial institutions and operates 15 branches and three SME Banking Services Centres in Hong Kong. It provides consumer and wholesale banking, wealth management, financial markets, and investment services and holds an A-2 short-term, A- long-term credit rating from Standard & Poor’s. The bank opened its Sydney office in July 2021.