The Chinese remittance market is starting to open.CENS.com – The Taiwan Economic News
Taipei, June 12, 2008 (CENS)
First Commercial Bank has successfully stepped into the Chinese banking market, despite the absence of business points there, thanks to the cooperation with Japan`s Sumitomo Mitsui Banking Corp.
Chang Chao-shun, chairman of First Bank, pointed out yesterday (June 11) that the bank has successfully provided yuan-denominated loans to a number of Taiwanese-invested enterprises in China for working-capital use via the Chinese branches of Sumitomo Mitsui Banking. The bank, though, still plans to set up its own Chinese branches, according to Chang.
The business is part of the cooperative venture between the two banks following their signing of the memorandum of cooperation on Dec. 17, last year. During a meeting reviewing the achievements of the cooperation last week in Taipei, ranking officials of the two banks looked into the results of their cooperation in the fields of corporate banking, greater China business, syndicated loan, forex remittance, cooperation between overseas branches, credit card, trust custody, forex trading, fund maneuvering, consumer banking, risk management, and personnel exchanges.
An official of First Bank noted that both parties have attained good results in the fields of client recommendation, syndicated loans, forex remittance, financial trading, loans for Taiwanese enterprises in China, and personnel exchanges. Thanks to the assistance of Sumitomo Mitsui, First Bank, for instance, has solicited substantial amount of banking business for Japanese individuals and enterprises in Taiwan.
The official reported that the bank will intensify its cooperation with the Japanese partner, especially in the core businesses of greater China market, domestic and international syndicated loan, wealth management, and marketing, this year.(by Philip Liu)
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