Uni-President Group Kuenshan branch gets cross-strait loan OK account
The China Post news staffTAIPEI, Taiwan -- Kuenshan President Enterprises Food Co., a mainland Chinese subsidiary of the Taiwan-based Uni-President Group, has been approved to set up a cross-border loan account with a total credit line of 1.49 billion renminbi (RMB), according to the Hongkong and Shanghai Banking Corp. (HSBC).
September 9, 2013, 4:15 pm TWN
Soon after the Kuenshan branch of the People's Bank of China announced a set of rules to allow Taiwan-invested enterprises in a designated experimental zone in Kuenshan to borrow from their parent firms in Taiwan on Aug. 21, the Kuenshan branch of HSBC has helped the Taiwanese-invested food company win approval to set up a cross-border loan account, and has obtained a loan of 10 million RMB from its headquarters in Taiwan.
HSBC said that since Taiwan's Uni-President Group ventured into mainland China in 1992, it has set up around 50 enterprises dedicated to food production and sales there. Aggregate revenues of the group's operations in China amount to 21.4 billion RMB.
Allowing cross-border flow of Chinese currency will help Taiwanese-funded enterprises operating in mainland China with a more flexible utilization of RMB funds, HSBC said.