Taiwanese lender CTBC Bank has received approval from Malaysian financial regulator to open a representative office in Kuala Lumpur.

The lender’s office is expected s to commence operations in the second half of 2015, Taipei Times reported.

Since 2010, the Malaysian government has granted approvals to only seven overseas banks to open branches in the country.

CTBC Bank becomes the first Taiwanese bank to receive approval to open an operational base in Malaysia in 17 years.

"The establishment of the representative office in Kuala Lumpur might help CTBC Bank obtain local information and further complete the bank’s roadmap in the Asia-Pacific region," the publication quoted CTBC Bank as saying.

CTBC Bank has branches in 11 countries or regions around the world, with total operational bases reaching 100.