5 Taiwan banks to start operations in China
BEIJING: China's banking regulator said Friday it approved the Chinese branches of five Taiwan banks to begin operations in China.
The approval covers the Shanghai branches of First Commercial Bank, Cathay Financial Holding Co. unit Cathay United Bank Ltd., and Land Bank of Taiwan Co., as well as the Kunshan branch of Chang Hwa Commercial Bank Ltd. and the Suzhou branch of Taiwan Cooperative Bank.
Kunshan and Suzhou are in the eastern province of Jiangsu near Shanghai.
The China Banking Regulatory Commission said in a statement the approval is a step forward for cooperation between the banking industries in Taiwan and China. The China Banking Regulatory Commission added it hopes it can go further in strengthening relations with Taiwan's banking regulators. - PB News
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