BOC's pacts with 4 Taiwan banks approved
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Bank of China (BOC)'s cooperative agreements with four Taiwanese banks have received approval from Taiwan's financial regulator, the China Business News reported Monday, citing BOC spokeswoman Zhao Rong.
The four Taiwanese banks are Taiwan Cooperative Bank, First Commercial Bank, Bank of Taiwan and Mega Financial Holding Company. BOC will collaborate with these four banks in foreign exchange, trade finance, syndicated loans, interbank lending, personnel exchange and SME finance.
In September, BOC became the first Chinese mainland bank to win approval to set up representative offices in Taiwan, and opened a Taipei representative office on October 25.
On December 17, China's banking regulator approved the establishment of branches of five Taiwan banks, including a First Commercial Bank branch in Shanghai and a Taiwan Cooperative Bank branch in Suzhou.
China's business press carried the story above on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.
