RETAIL BANKING | Tony Chua, Taiwan

Cathay United Bank and Bank of China strike cooperation deal

The Taiwanese bank to work with what it considers the most internationalized bank on the Mainland.

Taiwan-based Cathay United Bank has signed a memorandum of understanding (MOU) with Bank of China (BOC) for business cooperation.

Cathay United Bank said Friday it was the third MOU for the Taiwanese bank to sign with a Chinese counterpart, following the agreements with Agricultural Bank of China and Bank of Communications.

After the accord with BOC, both sides will work with each other in corporate banking, currency settlement services, trading financing, banking insurance, investment banking, interbank loans, consumer banking and wealth management.

In addition, the two partners will forge closer ties through personnel training, the Taiwanese bank said.

Cathay United Bank said BOC is the most internationalized bank on the mainland, and has set up a broad business network in China, Hong Kong, Macau, Taiwan and other countries and regions around the world.

BOC specializes in a wide range of financial services, such as corporate banking, personal banking, investment banking, insurance and fund and investment management.

It operates 11,058 branches and representative offices worldwide with a workforce of 279,301 employees, 10,074 of whom are located on the mainland.

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