Australian regulators will allow Land Bank of Taiwan to act as an authorised deposit-taking institution, allowing the bank to open a branch in Australia.
Land Bank of Taiwan is owned by the Taiwanese government, and specialises in real estate and agriculture. The Australian Prudential Regulation Authority (APRA), Australia’s financial services regulator, approved a licence for the bank this week.
“The Australian Prudential Regulation Authority (APRA) has granted Land Bank of Taiwan Co., Ltd a licence to operate as a foreign authorised deposit-taking institution (Foreign-ADI) under the Banking Act 1959,” said APRA.
Land Bank of Taiwan also offers wealth management and financial planning services. Its assets total more than NT$2 trillion (A$98 billion).
As a foreign authorised deposit-taking institution, Land Bank of Taiwan will be able to open an Australian branch. Foreign banks must supply APRA with five years of financial projections to show that the institution will remain stable and meet liquidity requirements.
The bank has yet to announce which services it plans to operate in Australia.
Taiwan Business Bank, Taiwan Cooperative Bank, and Bank of Taiwan already operate in Australia as authorised deposit-taking institutions.
These banks have primarily offered loans to non-financial businesses in Australia. Taiwan Business Bank posted A$1.87 billion in Australian loans in November 2024, $1.74 billion of which were to non-financial businesses. Taiwan Cooperative Bank reported $1.06 billion in Australian loans that month, while Bank of Taiwan saw A$542 million.
Land Bank of Taiwan was approved to open in the United States in 1997, and has operated branches in California and New York.