On September 23, the Taiwan banking supervisory authorities approved the establishment of the Bank of China’s Taiwan Regional Office. The spokesman for the Bank of China confirmed the news and suggested that the bank will immediately start the registration process to set up its first branch. The Bank of China currently has a brokerage relationship with 19 Taiwanese banks.
The China Banking Regulatory Commission already issued approval for four Taiwanese banks to open branches in mainland China. Along with the Bank of China, Taiwanese authorities also approved the Bank of Communications, headquartered in Shanghai. Regional offices can only perform non-commercial functions.
Source: Xinhua, September 23, 2010