BNP Paribas signs deal with Taiwan Cooperative

1 December 2006

France's largest bank BNP Paribas has confirmed today that it has signed a memorandum of understanding with the Taiwan Cooperative Bank, forming a formal strategic alliance between the two financial institutions.

The banks will cooperate in a variety of business areas in Asia, including asset management, BNP said.

BNP Paribas Asset Management will form a joint venture with Taiwan Cooperative, which may include the acquisition of an existing Taiwanese securities investment firm.

The arrangement is likely to involve selling BNP's asset management products through Taiwan Cooperative's marketing channels - giving the Paris-based lender access to the Asian market.

Commenting on the deal, Taiwan Cooperative's chairman Sean Chen said that his bank would also benefit significantly from the agreement.

"It is our privilege to have the partnership with [BNP Paribas]" Mr Chen said.

"BNP Paribas can furnish us with international expertise and their technology platform which will enable us to becoming a more modern bank.

"Being 'Proactive, Agile, Innovative,' is our aim. Our objective is to remain rooted in Taiwan, with a vision for regional and global expansion."

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