Foreign banks in Taiwan are taking off their rose-tinted glasses. They have discovered, a bit late in the day, that high economic growth does not always mean high profits.
Since the beginning of 1980, their number has grown from 12 to the current 32 branches. Newcomers flooded into what looked like a highly lucrative market. Taiwan’s economy had grown by an average annual rate of 9.6% over the previous two decades. Export expansion during the same period exceeded 20% A year.
This performance produced mounting trade surpluses.
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