TCB to form a life insurance company with foreign partner

Taiwan Cooperative Bank (TCB) plans to cooperate with a certain foreign-funded company to set up a life insurance firm as early as the year end, a Taiwan newspaper reported on Tuesday citing an unidentified top administrator of the bank.

The bank is looking to expand its banking insurance business through the new company, the report said without naming the foreign partner.

According to the Banker's July 2007 issue, TCB was the world's 203rd largest bank in terms of tier one capital. At the end of 2006 its capitalization stood at NTD$45 billion.