, Taiwan

Chinatrust to join forces with China Development Bank

The Taiwanese bank also planned to forge ties with Bank of China.

Chinatrust Financial Holding Co. said Saturday it plans to sign a cooperation agreement with state-owned China Development Bank Corp.

Chinatrust didn't elaborate in a statement. China Development Bank wasn't immediately available for comment.

Chinatrust said Dec. 24 it planned to sign a cooperation pact with Bank of China Ltd, according to a report in The Wall Street Journal.

In June, China and Taiwan signed their first trade pact, called the Economic Cooperation Framework Agreement, which opened services, including banking, to cross-strait investment.

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