RETAIL BANKING | Tony Chua, Taiwan

Cathay United Bank strikes deal with China Development Bank

Part of the MOU is to further efforts to carry out personnel training to further boost business exchanges between lenders.

Cathay United Bank, a banking arm of Taiwan-based Cathay Financial Holding Co. Ltd., has signed a memorandum of understanding (MOU) with China Development Bank (CDB) to forge closer cross-Taiwan Strait business ties.

The Taiwanese bank said Friday that the MOU was the fourth cooperation agreement between the bank and a Chinese counterpart, after the accords inked with Agricultural Bank of China, Bank of Communications and Bank of China.

After establishing the new partnership, Cathay United Bank and CDB will work with each other in corporate financing, transaction settlements, trade financing, investment banking, fund-raising and asset management.

They will also step up efforts to carry out personnel training in a bid to further boost business exchanges, the Taiwanese bank said.

Cathay United Bank said CDB, which was established in 1994 under the direct jurisdiction of the State Council, is responsible for providing long-term funds for large infrastructure projects and major economic development programs in China.

The Chinese bank has been described as the engine to power mainland China's national development policies.

View the full story in Focus Taiwan.

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