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Spain's BBVA has applied to the Financial Supervisory Commission to upgrade its office in Taipei into a branch after almost 6 years on the island.
This mark the first such application by a foreign bank in over 5 years.
Citing Taiwan's potential, BBVA is seeking an upgrade and plans to increase capital in order to achieve this.
According to the bank, Taiwan is one of the ten emerging markets with the biggest potential from now till 2020. The other nine are Brazil, Russia, India, China, South Korea, Indonesia, Mexico, Turkey and Egypt.
The bank said China will contribute 30.2% to the global economy over the next decade, while Korea will contribute 1.8% and Taiwan 1%.
Earlier this week BBVA secured approval from the FSC to open a branch in South Korea.