Number of Taiwanese bank branches plunge to five-year low in 2017

This translates to 3,417 branches still in operation.

The number of bank branches in Taiwan plunged to 3,417 in 2017 as the country’s banking industry flushes out underperforming segments to streamline operations and move towards digital platforms.

The figure represents a five-year low not seen since 2012. 

Foreign banking players Citi, HSBC, and Standard Chartered closed branches in 2017, Chuang Shiu-yuan, deputy director of the Financial Supervisory Committee (FSC) told local media.

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Meanwhile, Barclays Taiwan Cooperative Bank, First Commercial Bank, Bank SinoPac, and United Cathay Bank each shut down one branch last year, he added.

The FSC will start accepting applications for banks to set up new branches by May.