Treasurer and Minister for Employment and Economic Development
The Honourable Andrew Fraser

Monday, August 31, 2009

First Commercial Bank of Taiwan chooses Brisbane for base

Embargoed until 1 September 2009

One of Taiwan’s largest privately owned banks, First Commercial Bank (FCB), has chosen Brisbane for its Australian base.

Opened today by Parliamentary Secretary and Member for Capalaba Michael Choi, representing Treasurer and Minister for Employment and Economic Development Andrew Fraser, the new branch represents an investment of $20 million and 10-15 new jobs for Queensland.

“The FCB move to Queensland shows real confidence in our banking and finance sector at a time when many international banks are contracting,” Mr Choi said.

“This is the first international bank to choose Queensland for its Australian HQ.

“FCB, one of the oldest banks in Taiwan, is expected to invest a further $60 million here during its first year of operations which is great news for our economy.”

Max Maa, FCB’s Australian general manager, said the bank had more than 190 branches in Taiwan and employed 7000 people worldwide.

“The Brisbane branch becomes our 14th overseas branch, joining cities including New York, London, Tokyo and Toronto,” he said.

“The strength of Queensland’s trade and investment activity with Taiwan was an important reason for the location of the new branch.

“We also had a lot of very positive encouragement from the Queensland Government.”

Justin Morgan-Cooper has been appointed manager of Treasury, Risk and Technology at FCB Brisbane and said they are currently recruiting other staff.

“Our branch is the first foreign approved deposit institution to base its Australian office in Queensland,” said Mr Morgan-Cooper.

“We offer a new and refreshing change for the sector. Our motto is Customer first, service foremost, which is demonstrated through the provision of various banking services such as deposits, residential/commercial loans and trade services.”

Mr Choi said the Queensland Government, via Invest Queensland and Trade Queensland, had worked closely with FCB since early 2008 to provide information and assistance to help secure this project to Brisbane.

“The bank has been provided with important data on our economy, our major projects and Australia’s regulatory and approval processes,” said Mr Choi, who is Parliamentary Secretary for Trade.

“Our government agencies have also been able to reveal invaluable demographic information on the local Taiwanese Chinese community.

“In 2007-08, Taiwan was Queensland’s fifth largest merchandise export destination, receiving more than $2.3 billion worth of Queensland exports, mainly made up of commodities including sugar, beef, coal and non-ferrous metals.

“Taiwan is also an important market for Queensland’s international education providers.

“In April 2009 there were 2251 students from Taiwan enrolled in Queensland institutions, the fourth highest of all overseas countries.

“We welcome the First Commercial Bank of Taiwan. I know its establishment here will further enhance relations between our State and a country which, along with Singapore, Hong Kong and South Korea, is famed as one of the ‘four Asian Tigers’ thanks to its highly developed economy.”

The new First Commercial Bank is located at 199 George Street, Brisbane.

Media contact: Mr Choi’s Office – Alec McConnell 3225 1835 or 0407 547 236 
                       First Commercial Bank – Justin Morgan-Cooper 3211 1001

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