2 major Chinese banks seek offices in Taiwan

The Bank of China, the mainland's third-largest lender by assets, and Bank of Communications, the fifth largest, filed their applications to the Financial Supervisory Commission on Tuesday, according to the Commercial Times.

Lin Tung-liang, the deputy chief of the commission's Banking Bureau, told the newspaper that screening of the applications would take up to two months.

Officials from the Banking Bureau could not be reached for comment on Wednesday.

The applications, the latest sign of fast-warming ties between the island and its giant neighbor, came after six Taiwanese banks applied to set up branches in China.

Chinese banks will be allowed to open branches one year after their representative offices have become operational, according to an economic agreement signed by Taiwan and China in late June.

But ties between the two sides have improved markedly since Ma Ying-jeou of the China-friendly Kuomintang came to power in 2008, pledging to beef up trade links and allow in more Chinese tourists.

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