Bank of Taiwan gets Taiwan regulator’s nod to open Shanghai branch

Yet the lender still needs approval from Chinese lender to complete upgrade.

State-owned Bank of Taiwan, the island's largest lender, said Friday it has obtained approval from the Financial Supervisory Commission (FSC) to open a branch in Shanghai to serve Taiwanese investors operating on the mainland.

The bank said it will upgrade its representative office, which was set up Feb. 1. 2010 in the Chinese city, into a branch.

Having secured approval from the FSC, the next step is to submit an application to the China Banking Regulatory Commission (CBRC) as soon as possible to obtain the green light for the upgrade.

The bank said it has not set an exact timetable for the establishment of the Shanghai branch.

View the full story in Focus Taiwan.