SINGAPORE - Taipei Fubon Bank has opened a new branch in Singapore as part of the Taiwan government's initiative of greater Asian outreach for its home-grown lenders.

The new branch will focus on providing financial products and services to corporates from Taiwan and Southeast Asia, bank president Jerry Harn said, according to a press release issued Tuesday.

The branch will collaborate closely with Fubon Group's subsidiaries and branches in Greater China and Vietnam and work towards becoming one of the top tier financial institutions in Asia, he said.

The event was jointly hosted by Mr Harn and Fubon Financial Holding chairman Daniel Tsai. Taiwan's Ambassador in Singapore Mr Jacob Chang and leaders of corporate and financial institutions from Singapore, Taiwan and around the region were present.

Speaking on the occasion, Mr Tsai called Singapore an ideal platform for Taiwanese corporates to expand their footprint in Asean countries, due to the Republic's stable government, well-established infrastructure and a big pool of talent.

He also noted that countries of the Association of Southeast Asian Nations (Asean) group have increased their importance in the global arena during the current economic slowdown.