A Taiwanese investment bank has
won approval from the Financial Supervisory Commission to open a
financing and leasing company in China.
Industrial Bank of Taiwan, a
leading investment banks on the island, claimed to be the first
local financial institution able to enter the mainland finance and
leasing market since Taiwan and China signed an economic
co-operation framework agreement.
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The agreement, in effect from
September 2010, has created in a preferential tariff status and
easier market access across the Taiwan Strait.
IBT said the new company is set
to open in Suzhou, in the Jiangsu Province, during the first half
of this year. Its aim is to provide financing in Chinese currency
to Taiwanese businesses on the mainland.
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By GlobalData
