TCB and BoComm to work hand-in-hand to provide banking services as the former sets its sight on the Chinese banking market.
Taiwan Cooperative Bank (TCB) signed a memorandum of understanding (MOU) with the China-based Bank of Communications Wednesday to help it tap into China's banking market.
Under the MOU, the two banks will work together to provide several banking services, such as Chinese yuan exchange facilities, trade financing, syndicated loans, and corporate risk management, TCB said.
The MOU is the fourth TCB has reached with a Chinese bank, following deals with Bank of China, Agricultural Bank of China, and China Development Bank.
TCB said the new deal would capitalize on the respective strengths of the two banks.
Bank of Communications, founded in 1908, ranks among China's five biggest lenders and currently has 2,779 branches at home and abroad.
It was also the first Chinese commercial bank to be publicly listed in Hong Kong and opened its first representative office in Taiwan last September.
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