Bank of China says aims for Taiwan outlet soon - News

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Bank of China says aims for Taiwan outlet soon

By: AFX | 16 Nov 2009 | 08:55 PM ET

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BEIJING, Nov 17 (Reuters) - Bank of China is ready to open a branch in Taiwan and will apply for regulatory approval as soon as possible, it said on Tuesday, just a day after Taiwan and China signed a financial services pact. The much-anticipated memorandum of understanding (MOU) will mainly cover cross-border financial supervision and is expected to pave the way for banks on both sides to invest in each other. Bank of China, the country's biggest foreign exchange lender, said it welcomed the MOU and that it was in the final stages of plans to set up branches in Taiwan. "Bank of China hopes to and is capable of being part of the first batch of mainland commercial banks to open outlets in Taiwan," Zhao Rong, the bank's spokesperson, said in a statement. Analysts have expected China's top lenders, including Bank of China, Industrial & Commercial Bank of China and Bank of Communications, to be interested in investing in their Taiwanese counterparts after the pact was signed. Cathay Financial, Fubon and Taishin -- Taiwan's top three listed financial holding companies by assets -- and leading credit card issuer Chinatrust are seen as potential targets for China banks. (Reporting by Michael Wei and Jason Subler; Editing by Jonathan Hopfner) ((michael.wei@thomsonreuters.com; +8610 6627 1003; Reuters Messaging: michael.wei.reuters.com@reuters.net)) Keywords: BANKOFCHINA TAIWAN/ Keywords: BANKOFCHINA TAIWAN/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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