TAIWAN’S FUBON GETS INSURANCE GO-AHEAD IN VIETNAM

Taiwan-based financial services group Fubon said yesterday in a filing with the Taiwan stock exchange that it had received domestic approval to set up an insurance subsidiary in Vietnam. Fubon Financial and Fubon Insurance Co has applied to invest about TWD630m ($19.7m) in Vietnam. This has now been approved by the Taiwan Financial Supervisory Commission. In January the State bank of Vietnam said that it would soon be issuing a licence to Taipei Fubon Bank to open branches in the country, although it did not give a timetable.