Taiwan bank in Subic

Taiwan bank in Subic

MANILA (AFP): Chinatrust Commercial Bank Ltd. of Taiwan yesterday opened a branch in the former U.S. naval base of Subic Bay which the Philippines has transformed into a free port, officials said.

Chinatrust, described as the largest private bank in Taiwan with assets totaling US$13.7 billion, is the first foreign bank to set up an office in Subic, the Subic Bay Metropolitan Authority (SBMA) said in a statement.

Taiwan businesses are among the biggest investors in Subic, which hosts such firms as Acer and serves as the Asian hub of the U.S. cargo handling giant Federal Express.