Taiwan approves CCB’s application for local office

With the approval the CCB Taiwan representative office can engage in non-operating activities like communicate with Taiwanese banking institutions and clients and collect local financial information.

Taiwan's Financial Supervisory Commission on March 17 approved China Construction Bank (CCB) to set up representative office in Taiwan, the fourth mainland commercial bank granted such approval.

The CCB Taiwan representative office can be engaged in non-operating activities such as communicate with Taiwanese banking institutions and clients and collect local financial information.

Taiwan Financial Supervisory Commission said last March that mainland banks would be allowed to open representative offices, branches and participate in local banks provided they meet certain requirements. There are five qualified mainland banks, Bank of China, the Industrial and Commercial Bank of China, CCB, Bank of Communications and China Merchants Bank, according to a report in TMC net.

After the Economic Cooperation Framework Agreement between mainland and Taiwan took effect on September 12, 2010, Bank of Communications took the lead to open a Taipei office in late September and Bank of China debuted its Taipei representative office in late October. China Merchants Bank on March 15 registered its Taipei representative office with Taiwan Financial Supervisory Commission China Banking Regulatory Commission has approved six Taiwanese banks to open branches in the mainland.