Thu, Dec 30, 2010 - Page 11 News List

Land Bank expects Shanghai branch to turn profit in 2011

Staff writer, with CNA, SHANGHAI

Land Bank of Taiwan (土地銀行) chairman Wang Yao-shing (王耀興) said in Shanghai yesterday that he expects the bank’s Shanghai branch to make a profit next year, riding the wave of China’s fast-growing economy.

In an inauguration ceremony for the Shanghai branch, Wang said that once it starts making a profit, the bank is expected to open more branches in other Chinese cities, starting from 2012, to provide a wider range of financial services to Taiwanese companies operating in China.

Prior to opening the branch, the bank had operated a representative office in Shanghai for eight years, which has attracted a great number of Taiwanese investors in recent years.

Meanwhile, the bank is planning to seek further business cooperation with the Industrial and Commercial Bank of China (ICBC, 中國工商銀行), one of the leading lenders in China.

Wang said that as far back as Land Bank’s establishment of its Shanghai representative office, the Taiwanese bank and ICBC have built up a good relationship in financial service cooperation.

In Shanghai alone, ICBC has 501 outlets and employs 13,000 people, with a base of 350,000 corporate customers and 15 million retail clients, ICBC Shanghai branch president Shen Liqiang (沈立強) said.

Shen said he believes Land Bank and ICBC will build a good model on business cooperation for the financial sectors on both sides of the Taiwan Strait.

He also said ICBC is planning to set up a foothold in Taiwan and will send a delegation to survey the country’s financial market in April or May.

This story has been viewed 1349 times.
TOP top