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