Money

CCB opens 1st representative office in Taipei

(Xinhua)
Updated: 2011-05-13 16:32

BEIJING -- China Construction Bank (CCB), the country's second-largest lender by market value, said on Friday its first representative office in Taiwan has opened in Taipei, signaling the lender's latest move to establish a cross-Straits service network.

Related readings:  CCB raises minimum down payment in Zhejiang  CCB's profits up 34.23% in Q1  China UnionPay, CCB launch dual-currency credit card in HK  CCB profit growth to continue rising

CCB President Guo Shuqing said the establishment of the representative office in Taiwan would deepen its business ties with local financial institutions and help it provide better services to Taiwan companies and compatriots.

The mainland has long been Taiwan's biggest trading partner, export market, overseas investment destination and source region of trade surplus. The mainland-Taiwan trade surged 36.9 percent year on year to $145.37 billion last year.

In June 2010, the mainland and Taiwan signed their first trade pact, the Economic Cooperation Framework Agreement, which has further enhanced cross-Straits economic cooperation.

In recent years, CCB has rapidly expanded its overseas banking network. It currently has branches in Hong Kong, Singapore, Frankfort, Johannesburg, Tokyo, Seoul, New York, Sydney and Ho Chi Minh City, as well as representative offices in Moscow and Taipei.

The lender's total assets reached 10.8 trillion yuan ($1.66 trillion) at the end of last year, while its 2010 net profits hit 135 billion yuan.