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2 banks from mainland open Taiwan offices
Source: Xinhua |
September 24, 2010, Friday
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Print Edition
Print Edition
TAIWAN'S banking regulators yesterday approved the applications of two major mainland banks - Bank of China and Bank of Communications - to establish representative offices on the island.
Liu Rong, spokesperson for Bank of China, said that Bank of China will start registration of the office at once and work to open the office as soon as possible.
The two banks' Taiwan offices will not conduct banking operations. They will engage only in non-profit-seeking activities like making contacts with local bankers and collecting financial information about the island, the island's banking regulators said.
Under the trade and economic pact the two sides signed in June, mainland banks can apply to set up branches in Taiwan one year after the establishment of representative offices there.
The two mainland banks submitted the applications to set up the representative offices on September 7.
China Merchants Bank, another mainland bank, also applied to set up a regional office in Taiwan. But the application was rejected for failing to meet certain requirements, according to news reports in Taiwan.
The first representative offices of Taiwanese banks were set up on the mainland several years ago. Last Thursday, the mainland's banking regulator gave permission for the first time for four Taiwanese banks to begin preparatory work for branches on the mainland.
The setting-up of the mainland banks' representative offices in Taiwan is widely seen as a breakthrough in cross-Strait financial cooperation, which is in its infancy compared with cross-Strait trade and investment ties.
Cross-Strait trade totaled US$802 billion between 2000 and 2009, with Taiwan enjoying a surplus of US$511 billion.
The mainland is Taiwan's largest investment destination.
Liu Rong, spokesperson for Bank of China, said that Bank of China will start registration of the office at once and work to open the office as soon as possible.
The two banks' Taiwan offices will not conduct banking operations. They will engage only in non-profit-seeking activities like making contacts with local bankers and collecting financial information about the island, the island's banking regulators said.
Under the trade and economic pact the two sides signed in June, mainland banks can apply to set up branches in Taiwan one year after the establishment of representative offices there.
The two mainland banks submitted the applications to set up the representative offices on September 7.
China Merchants Bank, another mainland bank, also applied to set up a regional office in Taiwan. But the application was rejected for failing to meet certain requirements, according to news reports in Taiwan.
The first representative offices of Taiwanese banks were set up on the mainland several years ago. Last Thursday, the mainland's banking regulator gave permission for the first time for four Taiwanese banks to begin preparatory work for branches on the mainland.
The setting-up of the mainland banks' representative offices in Taiwan is widely seen as a breakthrough in cross-Strait financial cooperation, which is in its infancy compared with cross-Strait trade and investment ties.
Cross-Strait trade totaled US$802 billion between 2000 and 2009, with Taiwan enjoying a surplus of US$511 billion.
The mainland is Taiwan's largest investment destination.
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