Bank of Taipei to open branch in Taoyuan by year-end.

It has 22 branches, outlets in Taipei, New Taipei City.

Bank of Taipei said it plans to grow its scale and clientele outside the Greater Taipei area. Sources said the bank could do mergers and acquisitions to boost its economies of scale and profitability.

The bank currently limits its operations to 22 branches and outlets in Taipei and New Taipei City. It is capitalized at US$79 million.

Bank of Taipei reported a net income of US$1.77 million for the first half of the year, up 37% from US$1.3 million on-year due to higher interest and fee incomes. It aims to raise fund sales to 10% of total deposits or a 1% market share.

Bank of Taipei developed into a commercial bank in 2007 and was listed on Taiwan’s Emerging Stock Market the same year.