3 more Taiwanese banks offer RMB services in Hong Kong
The Cabinet-level Financial Supervisory Commission (FSC) recently approved Chang Hwa Bank, Taiwan Business Bank, and Taiwan Cooperative Bank to engage in renminbi (RMB)-based business in Hong Kong, following in the footsteps of Bank of Taiwan (BOT) and Shanghai Commercial & Savings Bank (SCSB).
Such RMB-based services to be offered include taking deposits, currency exchanges, remittance, check processing, trader’s loans etc. and are available only to individuals holding Hong Kong identification cards, licensed businesses in Hong Kong, RMB-based bonds issuers and underwriters who settle trades in RMBs.
So far 17 Taiwanese domestic banks have 19 branches in Hong Kong, of which 12 still need to be approved to offer RMB-based services, including the Land Bank of China, First Commercial Bank, Hua Nan Commercial Bank, Mega International Commercial Bank, Taipei Fubon Commercial Bank, Cathay United Bank, Taiwan Bank of Taiwan, Far Eastern International Bank, Bank SinoPac, E. Sun Bank, Taishin International Bank, and Chinatrust Commercial Bank.
More Info: http://www.taiwanheadlines.gov.tw/ct.asp?xItem=174010&CtNode=39
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