Mainland, Taiwan to improve cross-Straits banking cooperation

TAIPEI - Mainland and Taiwan regulators agreed to improve financial and banking cooperation during the fifth cross-Straits meeting on banking supervision held on Monday in Nantou county.

Fourteen Taiwanese banks had opened 52 branches and subbranches on the mainland by the end of August, according to figures released after the meeting.

Mainland bankers have also opened three branches and a representative office on the island. In addition, an Agricultural Bank of China representative office was just approved last week.

Shang Fulin, chairman of the China Banking Regulatory Commission (CBRC), and Tseng Ming-chung, head of Taiwan's financial supervisory commission, both attended the meeting.

According to Fan Wenzhong, director of CBRC overseas division, Taiwan's banks may be allowed to open branches in Fujian Free Trade Zone in East China.

Both sides voiced support of effort by mainland and financial institutions of Taiwan to explore equity cooperation.

The director general of Taiwan's banking bureau, Austin Chan, said there would be no limit on the number of mainland financial institutions allowed to open businesses in Taiwan "as long as they are in line with certain requirements".

The first cross-Straits banking supervision and cooperation platform meeting was held in 2011.