HSBC has big ambitions in the growing economy of Taiwan

Taiwan plays an important role in HSBC's Greater China platform, and is one of HSBC's key growth markets in Asia.

Its gross domestic product is growing strongly – exports and industrial output are booming, domestic consumption is rising, unemployment rates are falling and its relationship with China is improving.

President Ma Ying-jeou is negotiating a trade accord with China – the Economic Cooperation Framework Agreement – that will cut import duties on both sides of the Taiwan Strait. Under the terms of a bilateral Financial Memorandum of Understanding, Taiwan has also approved plans to allow banks, brokerages and insurance companies in China and Taiwan to invest in each other, paving the way for a broader economic engagement as cross-Strait relations improve.

Foreign institutional investors are also returning, suggesting that Taiwan's growth story is very much on the radar screen of fund managers, not just in Asia, but also in the USA and Europe.

This is good news for HSBC's banking operations in Taiwan, where it has had a presence since 1885. A full-service branch was established in Taipei in 1984. Today, HSBC provides a full range of insurance, personal, commercial, corporate, private banking and investment services. In 2008, HSBC successfully acquired a local bank to further broaden its island-wide network.

HSBC has a strong commitment to Taiwan, with an ambition to deepen our relationship with Taiwanese clients, to further leverage more business to clients' Greater China footprints.