Chinatrust Bank to cash in on Guj with Ahmedabad branch

Chinatrust Bank, a private sector bank based out of Taiwan will open its branch in Ahmedabad.  It will be the second branch of the bank in India after Delhi.

Wenchyi Ong, representative, Taipei Economic and Cultural Center in New Delhi who was in the city on Saturday said, “We have sought regulatory approval from RBI and we plan to open the branch in Ahmedabad before next summer.” Chinatrust Bank has 50 branches across the world. The bank plans to focus on small and medium enterprises (SMEs).

“The Delhi branch focuses on funding SMEs. Of its total business, 90% is done with SMEs. In Gujarat too the bank will focus on the same segment,” said Ong. He said the bank will also help attract new Taiwanese companies to set up their business in Gujarat.
Ong was speaking on the sidelines of a function held by GCCI on Saturday.

Ong said petrochemicals, machinery, food processing and packaging industry were the potential areas of investment for the bank in the state. “In the next five years, we are expecting an investment of another $1 billion in India of which some will be put in Gujarat too,” he said.

“One of our delegation of 18 companies of Taiwan already visited Vadodara in August while another delegation of 20 companies in the machinery industry is about to visit the state in November to explore the possibilities of investment,” said Ong.