On Thursday, Taiwan's Financial Supervisory Commission approved the applications of four local banks to set up branches in the Chinese mainland, China Business News reported Friday, citing the regulator's statement on its website.

Land Bank and First Commercial Bank will each set up a branch in Shanghai, while Taiwan Cooperative Bank and Chang Hwa Commercial Bank both chose to set up their own branches in Suzhou and Kunshan of Jiangsu Province.

The Taiwanese financial regulator also approved Taiwan Business Bank's application to open a representative office in Shanghai.

Two other banks, Cathay United Bank and Hua Nan Bank, did not get the regulator's approval because of the lack of certain information in their applications.