Mega International Commercial Bank Co. Ltd. clarified that media reports on the circumstances surrounding the closure of its branch in Panama and its chairman's trip to Sydney were inaccurate.
The Taiwanese bank said May 9 that it closed its branch in Panama's Colon free trade zone due to poor business conditions, rather than illegalities alleged in one media report. With approval from Panamanian authorities, the lender then merged the branch's operations with that of another branch in Panama.
The bank also refuted another media report that said its chairman visited the Australian Prudential Regulation Authority's office in Sydney to discuss "problems." The trip was instead part of a regular schedule for the chairman to meet with regulatory authorities to address general banking concerns such as compliance and anti-money laundering efforts.