TAIWAN Cooperative Bank has announced plans to open a branch in Phnom Penh, according to reports.

The bank hopes to capitalise on the significant foreign investment pouring into Cambodia, and use it to gain a foothold in the country’s financial sector, Focus Taiwan News Channel said on Saturday.

Though the bank’s board of directors has approved the expansion, Taiwan Cooperative did not offer a deadline for the branch opening, the report said. Bank officials could not be reached yesterday.