Fubon Bank eyes cross-Strait businesses
Print Edition
TAIWAN-BASED Fubon Bank is to open five to seven outlets on China’s mainland this year to support cross-Strait businesses and hopes to start yuan services for mainland residents, bank officials said yesterday.
Fubon Bank China has met all regulatory requirements and will be able to handle yuan deposits and other retail banking services, said Hong Peili, chairman of Fubon Bank China. The bank will serve residents of Taiwan and Hong Kong, foreigners and corporate clients as well as handle foreign exchange for Chinese mainlanders.
The bank also aims to open the Shanghai free trade zone sub-branch in Zhangjiang Hi-Tech Park in the second half of this year to tap the more liberal financial policies in the FTZ once the zone is expanded to cover Lujiazui, Zhangjiang and Jinqiao. The bank said the sub-branch will work with outlets in Tianjin’s Binhai and Shenzhen’s Qianhai to serve mainland and offshore clients.
“Expansion of physical outlets is an important strategy for our development on the mainland, and we wish to play a greater role in boosting economic interaction between the mainland and Taiwan,” Hong said. “The bank will also actively work in the FTZ and support financial reforms in Shanghai.”
There were 17,000 Taiwan companies in Shanghai by the end of last year. The city also has more than 40 Taiwan financial companies, or more than half of those on China’s mainland.
Fubon Financial Holding Co owns 80 percent of Fubon Bank China and Shanghai Pudong Development Bank holds the remaining 20 percent.
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