It was learnt from the Taiwan Affairs Office of Guangzhou on January 21 that the Guangzhou Branch of Bank of Taiwan will be established under the recent approval of China Banking Regulatory Commission.

Bank of Taiwan is the largest bank of Taiwan, and the Guangzhou Branch will be the second branch of the bank in the Chinese mainland. The branch will be established in Tianhe District. Bank of Taiwan said that they chose Tianhe District as the location of the branch because the district is located at the central zone of Guangzhou for financial development, with a cluster of financial institutions and convenient traffic. Currently, the bank has made related plan for the preparation of the establishment of its Guangzhou Branch and is busy in carrying out related work.

It is said that in addition to more specific services for businessmen and enterprises from Taiwan, the branch will also launch new financial operations to seize the business opportunities derived from the internationalization of RMB.

With continuously enhanced communication and cooperation between Guangzhou and Taiwan in economy and trade and accelerated construction of Guangzhou Regional Financial Center, especially the implementation of the Opinions of the State Council on Supporting Nansha New Area of Guangzhou to Deepen the Financial Cooperation between Guangdong, Hong Kong, Macao and Taiwan and Make Explorations for Financial Reform and Innovation, Guangzhou is playing a more and more important role. Recently, many Taiwan-funded financial institutions have accelerated their layout in Guangzhou. The Taiwan Affairs Office of Guangzhou said that so far a number of companies from Taiwan, including Cathay Life, Cathay Insurance, Fubon Leasing and Chailease International Finance Co., Ltd. (CIFC), have established branches in Guangzhou.

Source: Nanfang Daily, January 22, 2015