The precondition is that they are competitive.
"Many local private banks lack competitiveness with foreign banks, since they still only provide the lower-level services of traditional commercial banks," the source said.
"However, they fail to recognize the trends toward corporate banking, and providing sophisticated and multifunctional services (such as syndicated loans, or corporate bonds for investments)," he said.
Thomas Lee (李桐豪), chairman of the Department of Money and Finance at National Chengchi University, said that the initial niche markets in China for local banks will be to serve the more than 50,000 Taiwanese businessmen there, as well as their Chinese counterparts.
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