Taipei, March 14 (CNA) The board of directors of Cathay United Bank, a unit of Cathay Financial Holding Co., on Friday passed a proposal to apply to set up a third branch in China, in its southern city of Shenzhen.

The bank noted that the influence of Shenzhen spreads to the Pearl River Delta, which is one of the major areas where Taiwanese businessmen converge.

The establishment of a branch there will enable it to serve more Taiwanese businessmen, it said.

The bank's first Chinese branch is located in Shanghai. Its second branch in Qingdao is expected to open in the second quarter of this year.

(By Tien Yu-bin and Lilian Wu)
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