Taiwan Cooperative Bank Opens Its First Mainland Branch in Suzhou
Taiwan Cooperative Bank (TCB), the bank with the second largest assets on the island, opened its first mainland branch in Suzhou Industrial Park on December 29. Among the first batch of Taiwan-based banks authorized by the state to open business in mainland China, this is the second one after Chang Hwa Commercial Bank Kunshan Branch in the city. With the ever-increasing domestic demand and RMB business in mainland, the bankers from Taiwan favor such places as Suzhou where Taiwanese enterprises gather.
Taiwan Cooperative Bank opens its first mainland branch in Suzhou Industrial Park
With over sixty-year history and the total assets of 85.64 billion US dollars by the end of June 2010, Taiwan Cooperative Bank has opened more than 300 branches, ranking the first among commercial banks in terms of banking channels in Taiwan. The initial business of TCB Suzhou Branch mainly serves the needs of local enterprises with Taiwanese investment.
At the plate-unveiling ceremony of the TCB Suzhou Branch
As one of the places with the most Taiwanese companies and the most active Taiwanese entrepreneurs in mainland China, Suzhou has gathered over 9,000 Taiwan enterprises whose investment accounts for 10% of the total amount in the country and about 100,000 Taiwan compatriots at peak time.
TCB Chairman Liu Teng-cheng said the Economic Cooperation Framework Agreement (ECFA) signed in June this year between the two sides of the Straights ensured closer cross-strait economic ties and made it possible for TCB to open a branch in Suzhou, and he believed that the financial cooperation between the two sides would be further strengthened. He said that Suzhou was an economically advanced region of cultural renown in mainland, teeming with business opportunities brought about by the rising domestic demands and the clustering of Taiwan-invested enterprises.
December 31, 2010