Bank of Communications opens Taipei branch

TAIPEI -- The Bank of Communications, one of the top five commercial banks on the Chinese mainland, officially opened its Taipei branch on Monday, becoming the second mainland bank after the Bank of China to make the move across the Taiwan Straits.

An opening ceremony was attended by Wu Poh-hisung, honorary chairman of the Chinese Kuomintang; Chiang Pin-kun, chairman of the Straits Exchange Foundation; and Hua Qingshan, chairman of the Supervisory Board of the Bank of Communications; as well as senior executives from the island's major banking corporations.

Addressing the event, Hua said the Taipei branch's inauguration marks the birth of a new bridge for cross-Straits economic and trade exchanges and will further the bank's effort in cooperating with Taiwan-based financial institutions and contribute to economic prosperity and wellbeing on both sides.

The branch will seek business development mainly by serving the development of cross-Straits economic and trade ties, he said, adding that the Bank of Communications has so far established banking relationships with 33 Taiwanese banks and 23 foreign banks' Taiwan-based branches.

Qian Wenhui, vice president of the bank, told reporters during a media interactive session after the ceremony that the Taipei branch will initially focus on corporate banking to serve Taiwanese investors operating in the mainland and mainland enterprises operating in Taiwan.

Both Wu Poh-hisung and Chiang Pin-kun voiced congratulations at the ceremony, terming it, along with the inauguration of the Bank of China's Taipei branch earlier this month, a milestone in the development of cross-Strait financial ties. They expressed hopes that further and quickened efforts will be made to bolster cross-Strait economic and financial ties.