Taipei, Oct. 17, 2012 (CENS)--The government-linked Chang Hwa Bank’s branch in Kunshan of Jiangsu Province will offer renminbi (RMB)-based services by the end of this month after being notified by the China Banking Regulatory Commission (CBRC), which has also authorized First Commercial Bank, another government-linked Taiwanese bank, and its Shanghai branch to offer RMB services by the end of this year.
The first Taiwanese bank to offer RMB services in China is Hua Nan Bank’s Shenzhen branch, which started in mid-May of this year, followed by Cathay United Bank’s Shanghai branch at the end of September.
So far six Taiwanese banks have been approved to set up branches in China, four of which being approved to operate RMB businesses.
Having been in business in China for more than one year, Taiwanese banks have felt held back in that market, so have been urging authorities of both sides of Taiwan Strait to further ease cross-strait financial regulations to give them more room to tap the market.
(by Judy Li)