Chang Hwa Bank inks deals with 2 China lenders

Tie up with Bank of China and Bank of Communications furthers lender’s expansion in the country.

Taiwan-based Chang Hwa Bank (CHB) announced Thursday that it has signed memorandums of understanding (MOUs) as the start of its cross-strait banking cooperation with two Chinese banks.

According to CHB chairman Julius Chen, the local bank will start cooperation and exchanges on syndicated loans, trade finance, and personnel training with Bank of China (BOC) and China's Bank of Communications (BoCom).

With the bank's first branch in China opening in Jiangsu Province's Kunshan last December and the signing of the MOUs, CHB President William Lin expressed optimism about the bank's expansion into China.

CHB officials also said that the Kunshan branch, which is located in an area populated by many Taiwanese businesspeople, has started its application to conduct Chinese yuan business. It will hand in the application once it meets the requirement of reporting profits after its first year of operation in China.

View the full story in Focus Taiwan.