Cathay Financial Holding Co. (2882.TW), Taiwan's largest financial holding company by assets, said Tuesday most of the bank's investment in Europe are in corporate bonds, keeping it "relatively safe" amid Europe's escalating sovereign debt problem.

Alan Lee, Cathay Financial's executive vice president, told Dow Jones Newswires around 30% of its overseas portfolio is allocated to Europe. He didn't elaborate.

He said the bank holds corporate paper issued by companies in Italy, Spain, the U.K., Germany and France.

-By Jenny W. Hsu, Dow Jones Newswires; 886-2-25022557; aries.poon@dowjones.com