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Three Chinese lenders have applied to the People's Bank of China to become the first Chinese mainland banks to set up offices in Taiwan, in what could be a sign of warmer business ties across the Taiwan Straits.
Shanghai Pudong Development Bank, China Merchants Bank and Industrial and Commercial Bank of China (Asia) Ltd., have applied to set up offices in the island province, according to the PBOC, which is discussing the applications with authorities from Taiwan.
While there are still no mainland banks in Taiwan, two Taiwanese banks set up representative offices on the mainland during the first half of this year and two others are scheduled to open branches in the near future.
Economic links between China's mainland and Taiwan have increased over recent years, with companies based on the island investing about US$100 billion on the mainland by the end of last year, according to CLSA Ltd., a brokerage and investment banking company.
"If the three banks can set up their branches in Taiwan eventually, they will be able to build a competitive edge in attracting Taiwan-based clients on the mainland," said an official with the Bank of Communications.
(Shanghai Daily October 23, 2002)
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