Bank of Taiwan to open Shanghai branch

It’s another advance for cross-strait banking.

The Bank of Taiwan will open its first branch on the Mainland in Shanghai this March or April.

Chang Hsiu-lien, Chairwoman of Taiwan Financial Holdings, parent company of the bank, said the bank last Dec. 27 received the approval of the China Banking Regulatory Commission (CBRC) to upgrade its existing representative office to the status of a branch. The branch will be located at Shanghai’s Jingan District.

The bank said its Shanghai branch will be headed by Yen Gueitien. The branch is currently being refurbished and bank officials said the branch intends to offer comprehensive services to its clients, especially China-based Taiwan businesspeople.

The state-owned Bank of Taiwan has headquarters in Taipei and is administered and owned by Taiwan’s Executive Yuan. It currently operates 169 Taiwan branches and branches in Tokyo, Singapore, Hong Kong, New York City, Los Angeles, London and South Africa.