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Bank of Taiwan opens sub-branch in Shanghai

Bank of Taiwan opens sub-branch in Shanghai

Shanghai, July 3 (CNA) Bank of Taiwan (??), the largest lender in Taiwan, opened a sub-branch of the bank's Shanghai branch in the city's Jiading District Friday to extend the reach of its Chinese yuan-denominated services in the Yangtze River Delta. In the opening ceremony for the new outlet, Bank of Taiwan Chairwoman Lee Jih-chu (???) said the new outlet would focus on serving the growing cluster of Taiwanese investors operating in the greater Shanghai area as well as local clients. She said the Jiading sub-branch has obtained the green light from the China Banking Regulatory Commission (CBRC)'s Shanghai bureau to provide the same yuan-denominated services to Chinese and foreign customers as does its Shanghai branch. According to the rules set by the CBRC, any foreign bank outlet is allowed to conduct a wide range of yuan-denominated services as long as the outlet operates for more than one year. The other main restriction for foreign bank outlets operating in China is that they cannot accept time deposits of less than 1 million yuan from Chinese citizens. Foreign bank branches are also not allowed to offer credit card services to Chinese consumers, but foreign bank subsidiaries are. Bank of Taiwan opened its Shanghai branch in 2012 to qualify the branch to do yuan businesses. Wang Shih-yuan (???), head of the Jiading sub-branch, said Bank of Taiwan has made serving Taiwanese investors operating in China its top priority.
Lee added that Bank of Taiwan will go where its customers are when it opens new branches in China. She said the bank is planning to open branches in Guangzhou and Fuzhou and set up a subsidiary in Shanghai. So far, Bank of Taiwan has signed cooperation agreements with six Chinese counterparts: Bank of China (????), Bank of Nanjing (????), Industrial and Commercial Bank of China (??????), Bank of Communications (????), China Construction Bank (?????), and Postal Savings Bank of China (????????). Lee said her bank will seek more Chinese partners for future cooperation to strengthen its services in the China market. (By Ying Chun-chieh and Frances Huang)


Updated : 2021-09-26 00:14 GMT+08:00