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Taiwan-based bank sets up office in Shanghai

Updated: 2003-03-08 11:01

Taiwan's First Commercial Bank (FCB) set up its first office on the mainland in Shanghai Friday.

It is the third Taiwanese bank to establish an office on the mainland after the Bank of Changhua and the United World Chinese Commercial Bank.

FCB plans to expand business to include securities, insurance, futures and investment in the future, said its chairman, Jerome J. Chen, at the opening ceremony Friday.

Founded in 1899, FCB is the fourth largest bank in Taiwan with assets totaling 37.7 billion US dollars.

Since June 2001, eight of nine eligible banks have submitted applications to the People's Bank of China, China's central bank, and two established offices in Shanghai and Kunshan city in neighboring Jiangsu Province in May 2002.

According to central bank regulations, the offices cannot start formal operations until two years after establishment. They are allowed to undertake consultations and market investigations.