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Taiwan Bank to set up Shanghai bureau

By Zhao Chunzhe (chinadaily.com.cn)
Updated: 2009-12-09 16:47

The Chinese mainland authority gave approval Tuesday for Taiwan Bank (TB) to establish an office in Shanghai, the chinataiwan website reported.

As a leading bank in Taiwan, the move acts as a milestone in cross-Straits financial cooperation, according to financial circles.

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After the bureau is in place, TB will conduct market research and make contact with local businesses. The TB authority expects to see the Cross-Strait Economic Cooperation Framework Agreement (ECFA) sealed and a TB branch also set up in Shanghai.

TB is anticipating that the Memorandum of Understanding on Financial Supervision will be enacted on January 16, 2010 and Taiwan banks will establish more branches and offices on the mainland accordingly after that, the website quoted Taiwan-based CAN as saying.
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