Beijing (China Daily): Banks from Taiwan have started to develop their businesses on the mainland. The Bank of Taiwan and First Commercial Bank both signed comprehensive cooperation agreements with Bank of China (BOC) on Friday.The banks will cooperate with BOC in several areas, including their main capital businesses, trade finance, financial services for small- and medium-sized enterprises (SMEs), and training for staff members.
“That means our bank can provide renminbi loans to businesses in Taiwan through BOC, and BOC can lend to firms from the mainland in new Taiwan dollars,” said Susan Chang, chairperson of Bank of Taiwan.
BOC established its first office in Taiwan on Oct 25, making it the first financial institution from the mainland to expand to the island. Read more…..