The Kunshan Huaqiao sub-branch of Chang Hwa Bank (CHB), the first sub-branch for a Taiwanese bank on the Chinese mainland, started its formal operations in Huaqiao International Service Business Park on Oct 12.

Guan Aiguo, Party secretary of Kunshan; Lu Jun, mayor of Kunshan; and Shen Huafei, deputy director of the administrative committee of Huaqiao Economic Development Zone, attended the inauguration ceremony.

As CHB’s first branch on the Chinese mainland, the CHB Kunshan branch ranks first among Taiwan banks in six aspects. It boasts 35 employees with working capital equivalent to 1 billion yuan ($164.2 million). Huaqiao sub-branch was approved for establishment on April 24 and went through formalities on Sept 30 to obtain the first sub-branch business license of a Taiwan bank for operations on the Chinese mainland.

With 11 employees and 100 million yuan of working capital at present, the sub-branch will undertake the business functions of the CHB Kunshan branch, providing all-round Taiwan-style financial services to clients in Huaqiao and surrounding areas.