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Taiwan Allows Eight Local Banks to Open Offices On Mainland
Taiwan has approved eight local banks to open representative offices on the Chinese mainland to facilitate exchanges amid burgeoning trade and investment activity between the two sides across the Taiwan Straits, officials said Saturday in Taipei.
The banks included First Commercial Bank, Hua Nan Bank, Chang Hwa Bank, International Commercial Bank of China, United World Chinese Commercial Bank, Taiwan Cooperative Bank, Land Bank of Taiwan, and Chinatrust Commercial Bank.
They would set up offices in Beijing, Shanghai, Shenzhen and other cities where many Taiwanese businesses have operations, the officials added.
The banks' offices would only engage in research and information gathering. They are not allowed to operate banking business, according to the new rules approved by the government in May.
Taiwan has already allowed local insurance companies to open representative offices on the Chinese mainland. At least four life insurers and eight property insurers have received the green light from Taipei provincial authorities to open mainland operations.
Source: China Daily
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