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Industrial Bank to set up office in Taiwan

Published: 07 Jun 2009 18:44:17 PST

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Jun. 8, 2009 (China Knowledge) - Industrial Bank Co Ltd<601166> has submitted application to the relevant authorities to establish an office in Taiwan, the Shanghai Securities News reported on Thursday.

In addition to loan and deposit businesses, the new office on the island will focus on high value-added businesses such as international settlements and cash transactions, the newspaper said.

China Merchants Bank (CMB)<600036><3968>, the country's sixth-largest commercial bank by assets, has also submitted an application to the State Council, the China Banking Regulatory Commission (CBRC) and the People's Bank of China (PBOC) to set up such an office in Taiwan, media reported earlier.

Market analysts said that Fuzhou-based Industrial Bank is likely to become the first mainland bank to obtain regulatory approval to launch a Taiwan office as it is near the Western Straits Economic Zone and has gathered rich experience in Taiwan-related businesses.

Industrial Bank, which has established branches in 39 Chinese cities, earlier reported that its net profit in 2008 surged 32.6% to RMB 11.39 billion, and that earnings per share were RMB 2.28.

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