Money

Six Taiwan banks approved to open mainland branches

(Xinhua)
Updated: 2010-12-29 14:56

BEIJING - The Chinese mainland has approved the applications of six Taiwan-based banks to open branches on the mainland, a mainland spokesman said Wednesday.

The mainland has also given approval for four other Taiwan banks to establish representative offices on the mainland, Yang Yi, the State Council's Taiwan Affairs Office spokesman, said at a regular press conference.

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A total of 15 Taiwan securities firms have set up 29 offices on the mainland so far, he noted, adding that Taiwan investors have founded five insurance companies on the mainland.

Financial cooperation across the Taiwan Straits has developed smoothly since the two sides signed an agreement on financial cooperation in April 2009, he said.

The two sides signed a memo on the supervision on financial businesses in November 2009, he added.

The cross-Straits Economic Cooperation Framework Agreement (ECFA) that was signed in June has also contributed to the business, he said.

"The mainland authorities hope to play an active role in supporting financial cooperation across the Strait," Yang said.