Land Bank forges ties with Shanghai's Bank of Communications
October 11, 2012, 10:32 am TWN
TAIPEI -- Land Bank of Taiwan has signed a memorandum of understanding (MOU) with Shanghai-based Bank of Communications to forge cooperation ties with the Chinese bank and further lay a foundation for its expansion across the Taiwan Strait.
Under the MOU, which was signed by both sides Tuesday, the two partners are expected to explore a wide range of businesses cooperation, including in areas of corporate financing, trade financing and interbank lending.
It was the fourth MOU Land Bank has signed with a Chinese bank. Its previous three agreements were with Bank of China, Industrial and Commercial Bank of China, and China Merchants Bank.
Land Bank said the closer ties with these Chinese banks are expected to help it expand its services to Taiwanese investors operating on the mainland.
The Taiwanese bank, which has opened a branch in Shanghai, is now preparing itself for the launch of Chinese yuan-denominated services at its branch in China.
In March 2010, the bank launched Chinese-yuan denominated services at its Hong Kong branch, and it has offered similar services through its offshore banking unit since November 2011.
According to Land Bank, Bank of Communications, which was founded in 1908, currently runs a broad business network of 2,637 offices in China and has nearly 90,000 employees.
Bank of Communications has also set up overseas footholds in several financial hubs around the world, including Hong Kong, New York, Tokyo and Singapore.