Beifu Bank is approved to establish a Seoul branch and will become the first Taiwanese bank to enter South Korea

Taipei Fubon Bank has received approval from the Financial Supervisory Commission to establish a branch in Seoul, South Korea, making it the first Taiwanese bank to set up a branch in South Korea.

In order to expand its Asia-Pacific financial service network, Taipei Fubon Bank has been approved by the Financial Supervisory Commission to establish a branch in Seoul, South Korea. Once the subsequent local application in South Korea is approved, it will become the first Taiwan-funded bank to set up a branch in South Korea, providing more localized cross-border financial services to Taiwanese and Korean companies and multinational customers.

The Financial Supervisory Commission stated that currently, the only domestic bank with branches in South Korea is Yuanta Savings Bank (Korea), a Korean subsidiary established by Yuanta Financial Holdings. However, it is understood that Yuanta Savings Bank (Korea) is a subsidiary of Yuanta Financial Holdings and cannot be regarded as a branch of a domestic bank, and the service business of savings banks is different from that of commercial banks.

Currently, only Yuanta Savings Bank, a Korean subsidiary of Yuanta Financial Holdings, has branches in South Korea. The Seoul Branch of BEF is the first commercial bank.

North Korea's economic fundamentals are solid, it continues to receive high investment grade ratings from the three major international credit rating agencies, and its financial supervision system is mature. The establishment of the Seoul Branch in South Korea can further improve the bank's layout in Northeast Asia, deepen bilateral trade support between Taiwan and South Korea, participate in the growth momentum of high-quality markets and seize business opportunities for overseas expansion of enterprises, and enhance the integrity of the bank's services to Taiwan, South Korea and multinational corporate customers.

After the Seoul branch opens, it can directly handle Korean won and foreign currency credit, deposits and trade financing. Customers can obtain local working capital and pay local expenses in Korean won, reducing financial costs and promoting bilateral economic and trade growth between Taiwan and South Korea. At the same time, the branch will also integrate the resources of Fubon Group to provide customers with diversified professional services for their operations and development in South Korea.

In addition, Korean companies have dispersed overseas production capacity in recent years, and the working capital and capital expenditure needs of overseas subsidiaries continue to expand. After the Seoul Branch establishes relationships with the headquarters of Korean companies, it can further connect the Bank's strongholds in Greater China, Japan, Southeast Asia and Australia, provide cross-border financial resources for overseas subsidiaries of Korean companies, and meet the financing and hedging needs brought about by the company's overseas expansion.

With the vision of "becoming Asia's first-class financial institution", Beifu Bank is actively expanding overseas bases. Tokyo branch and Sydney branch will be opened in 2026. The addition of Seoul Branch can further improve Beifu Bank's Asia-Pacific layout, enhance the integrity of serving Taiwan, South Korea and multinational corporate customers, and help cultivate international financial talents with experience in Asia, build a more complete and professional cross-border service platform, and become the most solid backing for customers to enter the global market.