Hua Nan Com­mer­cial Bank says it will open new branch in Fuzhou

The China Post - - LOCAL -

Hua Nan Com­mer­cial Bank ( ), a bank­ing arm of Tai­wan­based Hua Nan Fi­nan­cial Hold­ing Co. ( ), said Satur­day that it will open a branch in Fuzhou, the cap­i­tal city of Fu­jian prov­ince, next month.

The bank said it had high hopes for the new branch, ex­pected to begin op­er­a­tions on May 13, as Tai­wan-based in­vestors in­clud­ing the bank are el­i­gi­ble for pref­er­en­tial in­cen­tives from Fu­jian au­thor­i­ties.

Fuzhou is one of the re­gions cov­ered by Bei­jing’s “One Belt, One Road” eco­nomic growth ini­tia­tive, and the bank said the new branch hopes to take ad­van­tage of the ini­tia­tive, which spans Asia-Pa­cific and Euro­pean economies en­com­pass­ing 3.81 bil­lion peo­ple and US$16.42 tril­lion in eco­nomic out­put.

In ad­di­tion, Fu­jian has set up a pi­lot “free eco­nomic zone,” which is ex­pected to lend sup­port to the prov­ince’s eco­nomic growth and help in­vestors there strengthen their busi­nesses, the bank said.

Ac­cord­ing to Hua Nan Bank, the Fuzhou branch has se­cured a per­mit from main­land fi­nan­cial au­thor­i­ties to han­dle a full range of Chi­nese yuan-de­nom­i­nated ser­vices, such as de­posits, loans and remit­tances.

The bank said it is determined to use the Fuzhou branch as a base to ex­tend its reach in the boom­ing Fu­jian prov­ince and along China’s southeast coast, where many Tai­wanese-in­vested busi­nesses are con­cen­trated.

The new branch will build on the bank’s ex­ist­ing pres­ence in China, which con­sists of a branch in Shen­zhen, a sub-branch in Shen­zhen’s Baoan Dis­trict, and an­other branch in Shang­hai. It also owns a fi­nan­cial leas­ing com­pany in Shen­zhen.

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