Mainland to allow 4 Taiwan banks to open branches: CBRC

Updated: 2011-10-28 06:47


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BEIJING - China's banking regulator plans to approve the applications of four Taiwan banks to open branches in the mainland, in the latest efforts to strengthen financial cooperation, the regulator said Thursday.

The branches will be allowed to conduct yuan- and foreign currency-related business in the Chinese mainland, the China Banking Regulatory Commission (CBRC) said in a statement on its website.

To date, 15 Taiwan banks have established six branches and 10 representative offices in the mainland, the statement said.

CBRC also said it will allow the mainland branches of six Taiwan banks to start yuan-related businesses as soon as possible in accordance with mainland laws, but did not identify which banks.

The statement said recent collaborations between banking regulators from the mainland and Taiwan are boosting smooth and profound economic development across the Taiwan Strait.