BoC and Bocom set to open first mainland bank rep offices in Taiwan
Bank of China and Bank of Communications are set to make history by becoming the first mainland Chinese banks to have representative offices in Taiwan, since the island broke away from the mainland in the 1950s. To-date, seven Taiwanese banks have established representative offices on the mainland and the CBRC approved four branch licences last week
Bank of China (BoC) and Bank of Communications (Bocom) are to become the first mainland Chinese banks to set up representative offices in Taiwan, following approval by the island's banking regulator, the Financial Supervisory Commission (FSC).
"Bank of China and Bank of Communications have been approved to set up representative offices," the FSC said in a statement released late Thursday. "They will be able to establish contacts with local banks and clients, as well as collect information
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