Bank of China in Taiwan to become the first mainland bank to set up organisations

By Zou cheaponsale

Beijing, April 27 Mar Bank of China representative Wang zhao wen27 Japanese newspapers said that before the marking of the "Cross-Strait economic collaboration agreement" to permit both financial and economic organisations in the body both edges will cross-strait economic collaboration swaps have affirmative and important impact. Bank of China is pacing up its groundworks for the interior groundwork work, and strive to become the first to set up parts in Taiwan, mainland banks.

April 26, the Association for Relations Across the Taiwan Strait and Taiwan's Straits Exchange Foundation signed in Nanjing "Cross-Strait financial cooperation agreement." Under the agreement, both sides agreed to by the cross-strait financial supervisory agencies to consider the principle of reciprocity, market characteristics and competition in order to promote their commercial financial institutions to each other established institutions.

"Bank of China wants to set up parts in Taiwan when likely to assist the very broad masses of Taiwan persons and Taiwan. At the identical time, furthermore met the Bank of Taiwan with mainland China and Bank of China to do business." Wang zhao wen said.

Wang zhao wen said that over the years, Bank of China attaches many value to the mainland and Taiwan's monetary development and the effecting demand for fiscal services, and bring ahead some "firsts": the first Taiwan-funded banks and enterprise interchanges and employees interchanges Continental Bank, the Taiwan compatriots for the first run NT and 15 varieties of foreign exchange and seven varieties of loan small discern enterprise, the first Taiwan-funded enterprises to give foreign currency advances, trade financing, considering and global factoring services, first obliquely through foreign schools for cross-strait trade and non-trade settlement.

Since the 20th century, since the 90's, Bank of China with 19 Taiwan-funded banks to establish the relationship between the agency for which the agency approved 15 credit limits, with the Taiwan-funded banks in China are most closely associated banks.

In supporting the development of Taiwan businessmen in mainland China, Bank of China one after another with Foxconn Technology Group, Formosa Plastics Group, Taiwan Cement, ASUS, AUO, Chi Mei Taiwan-funded enterprises and other large groups to establish business relations, to become the host of its business in the Mainland Bank 1. Concentrated in Taiwan, Fujian, Jiangsu, Shanghai, Bank of China with more than 80% of the major Taiwan-funded enterprises have established cooperative relations. As of the end of 2008, Bank of China accumulated Taiwan-funded enterprises to provide financing equivalent to approximately RMB 103.2 billion yuan, Taiwan-funded enterprises credit the forefront of the scale of living in the mainland bank.

At present, the Bank of China on Taiwan enterprises dwelling the first mainland bank, encompassing down payments and borrowings in foreign currency for International Settlements (issuing trade, the Import and Export Trade, trade items financial invoice discounting, the affirmation of fee, trade items remittances investment, factoring financing trade investment enterprise, the assurances of non-finance, remittance, collection), foreign exchange capital procedures (that is, the long-term foreign exchange swapping, that is, the long-term foreign exchange town and sales), electrical devices banking, real-time overtake culture, the household fee and town in lieu of salaries and so on. - 18780

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