Financial MOU

Published: 14 Sep 2009 08:02:01 PST

A memorandum of understanding (MOU) to open the financial sectors of Taiwan to the mainland and vice-versa may be signed as early as October, the Chinese-language Commercial Times reported Sunrday.

The pact would allow mainland investors to buy into the island's stock market, while Taiwan banks would have their representative offices on the mainland upgraded to full service branches, the newspaper said.

Many Taiwan financial holding companies such as Chang Hwa Bank, Fubon Financial and First Financial currently have representative offices on the mainland, and the number is expected to rise if the MOU is signed.

Global Times/Agencies

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