Top Taiwan Bank Looks to Southeast Asia in Shift From China
- Corporate clients are asked by US, Europe buyers to diversify
- Overseas priority shifts to Southeast Asia, China remains key
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One of Taiwan’s largest lenders is shifting its business and hiring focus to Southeast Asia as its corporate clients in high-tech and textile manufacturing seek to diversify supply chains away from China amid geopolitical tensions.
Cathay United Bank Co. from 2020 to 2022 boosted headcount in Vietnam by 75% and increased hiring by more than a third in Singapore, according to Benny Miao, the head of Southeast Asia for Taiwan’s second-largest lender by assets which is a part of Cathay Financial Group Holding Co.