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Bank of Taiwan gets nod to expand in US, Philippines

Bank of Taiwan received approval from the island's Financial Supervisory Commission to establish representative offices in Silicon Valley, Calif., and the Philippines, the Taipei Times reported June 9.

The lender sees the U.S. as an important market to its global strategy despite stringent financial regulations, said Lu Hui-jung, deputy director-general of the regulator's banking bureau. Lu added that compliance is deemed as a nonrecurring cost for some companies, as it can be absorbed by continued earnings in the "lucrative" U.S. market.

The move came despite the withdrawal of a number of Taiwanese banks from the U.S. in anticipation of higher compliance costs caused by Mega International Commercial Bank Co. Ltd.'s money laundering scandal in 2016.

Bank of Taiwan is a unit of Taiwan Financial Holding Co. Ltd.