China International Trust & Investment Corp (CITIC, 中國國際信託投資), the Chinese government's biggest investment arm, hired ING Groep NV to arrange its first meetings with Taiwanese financial companies.
Wang Chuan (王川), CITIC's group vice chairman and president who is also the chief executive of CITIC Holding Corp (中信控股), arrived in Taiwan on May 21 and will hold meetings with Fubon Financial Holding Co (富邦金控), First Financial Holding Co (第一金控), Taishin Financial Holding Co (台新金控) and Yuanta Core Pacific Securities Corp (元大京華證券) before leaving on Thursday, ING said.
The Chinese official will also meet regulators from the Financial Supervisory Commission, the Central Bank of China and the Taiwan Stock Exchange, the biggest Dutch financial-services company said in a statement.
Taiwan is close to allowing Chinese financial institutions to set up representative offices in the nation of 23 million people for the first time as economic relations improve. Officials "reached a consensus" on allowing Chinese banks to operate in Taiwan, said Kong Jaw-sheng (龔照勝), chairman of the Financial Supervisory Commission, in an interview in Taipei on Feb. 23.
China so far has allowed seven Taiwanese banks to set up representative offices in the mainland, and three other applications have been approved.
An estimated 1 million Taiwanese live and work in China.
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