China's Big 4 banks seek strategic alliance with Taiwan bank

Jul. 15, 2009 (China Knowledge) - The Big-Four commercial banks in mainland China have submitted a proposal to Taiwan Cooperative Bank for a strategic alliance, said an unnamed insider, the Taiwanese newspaper China Business Times reported on Tuesday.

The four state-owned lenders, Industrial and Commercial Bank of China<601398><1398>, China Construction Bank Corp<601939><0939>, Bank of China<601988><3988> and Agricultural Bank of China, intend to tie up with the Taiwan-listed bank to provide loans to Taiwanese enterprises running business on the mainland, according to the report.

In late June, the Apple Daily reported that Taiwan Cooperative Bank, the island's second-largest lender by assets, hopes to cooperate with mainland banks and plans to open a branch in East China's Jiangsu Province in October.

Taipei-based Taiwan Cooperative Bank currently operates the largest banking network on the island and has a representative office in Beijing.