TAIPEI, Dec. 26, 2011 (CENS)--The Cabinet-level Financial Supervisory Commission (FSC) recently approved applications filed by mainland China’s two government-owned banks, Bank of China and Bank of Communications, to set up branches in Taiwan as their representative offices here have been running for over one year.

The two Chinese banks may spend about six months making preparations for the establishment of the projected branches. The Bank of China is expected to remit in operating capital of NT$1.2 billion (US$40 million) for the projected branch, and the Bank of Communications NT$1.5 billion (US$50 million). The former ranks No. 9 among the banks in the world in terms of capitalization and No. 17 in assets; while the latter sees the corresponding rankings at No. 35 and No. 40, respectively.

Both of the two banks are said to locate their branches in Taipei’s Hsinyi District, the new financial center in Taipei.
 

Source:news.cens.com