BNP Paribas has signed a memorandum of understanding with the Taiwan Cooperative Bank, forming a strategic alliance between the two financial institutions.
The banks will cooperate in a variety of business areas in Asia, including asset management, BNP said.
BNP Paribas Asset Management will form a joint venture with Taiwan Cooperative, which may include the acquisition of an existing Taiwanese securities investment firm.
The arrangement is likely to involve selling BNP’s asset management products through Taiwan Cooperative’s marketing channels – giving the Paris-based bank access to the Asian market.
Taiwan Cooperative chairman Sean Chen said his bank will profit from the international expertise and technology of the French bank.”Our objective is to remain rooted in Taiwan, with a vision for regional and global expansion,” he added.