Taipei, June 27 (CNA) Bank of China, the first Chinese lender to open a branch in Taiwan, plans to loan 200 billion Chinese yuan to Taiwanese businesses over the next three years, the bank's president Li Lihui said Wednesday.
The bank has loaned about 160 billion Chinese yuan (NT$753 billion; US$25.2 billion) to Taiwanese businesses over the last three years, with loan volume growing at a 7 percent rate, and intends to loan more in the future, Li said in his opening remarks at the branch's opening ceremony in Taipei.
On June 22, Bank of China became the first Chinese bank to establish a branch in Taipei, which Li described as an important milestone in cross-strait financial cooperation.
Li said the bank's branch in Taipei will actively promote services in the areas of corporate finance, personal finance, and financial markets and focus on making significant contributions in promoting cross-strait financial cooperation.
The bank is one of the first Chinese banks to have launched cooperative projects with Taiwan banks and the Chinese commercial bank with the most correspondent banks in Taiwan.
It has established correspondent bank relationships with 29 domestic Taiwanese banks and 16 foreign bank branches in Taiwan, Li said.
In addition, the bank has signed service cooperation agreements with 10 Taiwanese banks, including First Bank, Bank of Taiwan and Mega Bank.
In July 2010, Bank of China's Hong Kong branch became the Chinese yuan currency clearance bank for Taiwan.
(By Kao Chao-fen and C.J. Lin)