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Report: Taiwan Business Bank to set up NT$2B venture capital unit

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Report: Taiwan Business Bank to set up NT$2B venture capital unit

Taiwan Business Bank Co. Ltd. plans to set up a venture capital unit with NT$2 billion in capital, Taiwan's Economic Daily News reported Feb. 2.

This comes after the Financial Supervisory Commission in 2017 allowed banks to wholly own venture capital companies in order to boost industrial development and the overall economy.

The Taiwanese lender noted in a same-day filing that it will require board approval to set up a venture capital subsidiary.

Meanwhile, the report said Chang Hwa Commercial Bank Ltd.'s plans to set up its own venture capital unit are in the internal discussions stage. The subsidiary may get NT$4 billion in capital.

As of Feb. 2, US$1 was equivalent to NT$29.35.