FSC approves 2 Chinese bank branches

The two banks — the Bank of China and the Bank of Communications — will have to file formal applications within six months for establishing their Taipei branches, the commission said in a statement.

The two Chinese banks opened representative offices in Taipei in September 2010. Under the early harvest program set forth in the cross-Taiwan Strait economic cooperation framework agreement, the two banks can apply for setting up branches in Taiwan a year after the opening of their representative offices.

According to the blueprints presented by the two banks to the FSC, the Bank of China's Taipei branch will have an operating capital of NT$1.2 billion (US$39.6 million) and the Bank of Communications' branch will boast an operating capital of NT$1.5 billion.

In their applications for establishing branches, the two banks are required to submit reports outlining their business plans, the FSC said.

The country's top financial regulator further said both banks are large commercial financial service providers in China.

According the global rankings released by the noted financial magazine The Banker earlier this year, Bank of China is the world's ninth largest bank by paid-in capital and 17th largest by total assets.

Bank of Communications ranks 35th by paid-in capital and 40th by total assets.

Moreover, the FSC said, both banks maintain branches in major countries around the world, including the United States, Japan and South Korea.

Subscribe to The China Post and save 25%. Click here

PrintEmail

Write a Comment

Terms

Enter your comments - 3000 characters max

Type in image code

Submit

 Receive China Post promos
 Respond to this email