HSBC Group has been named the successful bidder in a government auction to acquire The Chinese Bank Co., Ltd. in Taiwan. The acquisition will increase HSBC’s island-wide branch network from eight to 47 branches, giving it a presence in all the major cities in Taiwan, which is Asia’s fourth biggest banking market. Employing circa 2,300 staff, The Chinese Bank has over one million customers throughout Taiwan.

HSBC Malta CEO Shaun Wallis said: “This acquisition in Taiwan together with HSBC’s leading franchise in Hong Kong and position as the largest foreign bank in China, means HSBC is strongly positioned to benefit from the growing level of trade and investment in the Greater China region and to help customers in Malta wishing to do business there.”