On August 25, Bank of China and two Taiwan-based commercial banks, Hua Nan Bank and Chang Hwa Bank, inked comprehensive business cooperation agreements. According to the agreements, Bank of China and the two Taiwan banks will conduct communication and cooperation in financing, settlement and clearing business, fund business, syndicated loan, risk management and personnel training for enterprises in both straits.
Chen Siqing, Vice Executive President of Bank of China, signed the above agreements on behalf of the Bank. He says that, with cross-strait economic and trade cooperation enhanced, new requirements are raised and new momentum is seen; Bank of China has already established good partnerships with the two banks through advance business interaction; the signing of the agreements shows that the involved parties have a vision to deepen cooperation in various business sectors, and that the cooperation between Bank of China and its peers in Taiwan will reach a higher level.
Founded in February 1947, a wholly-owned subsidiary of Hua Nan Financial Holdings, Hua Nan Bank is the sixth biggest commercial bank in Taiwan. By the end of 2010, its total assets value came to USD 63.07 billion, and its net profit in 2010 to USD 204 million.
Established in July 1950, Chang Hwa Bank is the eighth biggest commercial bank in Taiwan, with Taishin as its number one shareholder. By the end of 2010, its total assets value reached USD 51.59 billion, and its net profit in 2010 was USD 269 million.
Up to now, Bank of China has respectively signed comprehensive business cooperation agreements with seven Taiwan-based commercial banks, including Bank of Taiwan, Taiwan Cooperative Bank, First Bank, Mega International Commercial Bank, E.Sun Bank, Hua Nan Bank and Chang Hwa Bank.
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