Taipei Fubon Bank received regulatory approval to establish its first Seoul representative office next month, marking the latest expansion by Taiwan’s largest financial conglomerate into South Korea’s banking sector.
The Financial Supervisory Service completed its review of the Taiwanese bank’s application and forwarded its recommendation to the Financial Services Commission, which granted final approval. The bank has hired five employees for the initial operation, according to a Fubon Financial Holdings official.
The Seoul office represents a measured entry into a market where foreign bank offices face restrictions on profit-making activities, limiting operations to market research and client liaison services. This marks the first time a Taiwanese bank is entering the Korean market by establishing its own office.
The timing leverages existing relationships. Fubon Financial Holdings already holds an 83.22% stake in Fubon Hyundai Life Insurance and maintains investments in Hyundai Card and Woori Financial Group. Taiwan is Korea’s sixth-largest trading partner, with bilateral trade reaching $44.6 billion in 2023.
Fubon Financial Holdings, valued at $69.34 billion, dwarfs Korea’s leading KB Financial Group at 33.8 trillion won ($22.34 billion). The company’s measured approach reflects regulatory constraints that limit immediate revenue generation from the Seoul operation.
