Home > Community > China Biz > Taiwan Cooperative Bank seeks cooperation with mainland lenders

Taiwan Cooperative Bank seeks cooperation with mainland lenders

Published: 29 Jun 2009 19:02:05 PST

Top 5 News From ChinaKnowledge.com

Jun. 30, 2009 (China Knowledge) - Taiwan Cooperative Bank, the island's second largest lender by assets, hopes to cooperate with mainland banks, said an unnamed official from the Taiwanese bank, the Apple Daily reported on Friday.

The official said that Taiwan Cooperative Bank's potential partners are Industrial and Commercial Bank of China (ICBC)<601398><1398>, the world's largest lender by market value, China Construction Bank Corp (CCB)<601939><0939>, Bank of China (BOC)<601988><3988> and Bank of Communications<601328><3328>.

The news paper said that they may cooperate in areas such as accounts receivable, letters of credit and loan guarantees.

The official also said that the Taiwan-listed bank, which has a representative office in Beijing, plans to open a branch in east China's Jiangsu Province in October.

Liu Teng-cheng, chairman of Taiwan Cooperative Bank, said at a shareholder meeting on Thursday that the bank is planning to set up branches in Sydney, Australia and Ho Chi Minh City, Vietnam by the end of this year.

The Taiwanese financial conglomerate posted a net profit of NT$7.53 billion for last year, down 22.6% year on year, due to the global financial crisis and economic recession.

Ming-Daw Chang, head of the island's banking bureau, said on Thursday that Taiwan and mainland China will soon sign a long-awaited memorandum of understanding (MOU) on cross-strait banking, according to an earlier report from China Knowledge.

Copyright © 2009 www.chinaknowledge.com