TAIPEI (Taiwan News) — Taipei Fubon Bank has received the approval of the Financial Supervisory Commission (FSC) to open a branch in the Indian city of Mumbai, reports said Wednesday (Feb. 21).

If the plan receives the go-ahead from the Indian authorities, the privately owned lender will become Taiwan’s fourth bank with offices in the South Asian country, per CNA. CTBC Bank already manages two branches, while the Bank of Taiwan and Mega International Commercial Bank have two representative offices each.

Taipei Fubon was reportedly attracted to India by its record of sustained economic growth and the transfer of international supply chains to include the country. Major Taiwanese corporations, including iPhone maker Foxconn Technology, have launched manufacturing projects in India.

Taipei Fubon Bank operates branches in Hong Kong, Singapore, Vietnam's Hanoi and Ho Chi Minh City, and the North Korean capital Pyongyang. The company also runs representative offices in Jakarta and Sydney and a subsidiary in China.