Mega Financial eyes extending cooperation with China banks

Mega wants more collaboration with Chinese lenders after it released $31 million loan with BoC.

Mega Financial spokeswoman Grace Lin said the New York branch of Mega Financial's wholly owned Mega International Commercial Bank Co. and Bank of China jointly extended the loan to New York real-estate developers Wu Towers LLC and Victoria Towers Development Corp.

"We are looking forward to more of such cooperation with Chinese banks," Lin said in a report in the Wall Street Journal.

Mega International, which opened a representative office in China's Suzhou City in October, plans to either upgrade the office to a branch or set up a unit in China, depending on regulations that are still being formulated by Taiwan's authorities.

A memorandum of understanding on financial deregulation between Taiwan and China took effect in mid-January, but Taiwan hasn't decided the extent to which it will open its market to Chinese banks, or issued regulations governing Taiwanese banks' operations in China.