Wed, Feb 06, 2013 - Page 13 News List

Major financial institutions start yuan services

By Crystal Hsuand Amy Su  /  Staff reporters

E. Sun Commercial Bank (玉山銀行) is sparing customers the need to make deposits to open yuan accounts, while Bank SinoPac (永豐銀行) is offering to pay interest for yuan demand deposits with a value of just 1 yuan. Chinatrust Commercial Bank (中國信託商業銀行) said all existing foreign-currency customers could buy and trade yuan-based investment products online without opening yuan accounts.

Chinatrust Bank, the nation’s largest credit card issuer, yesterday won approval from the Financial Supervisory Commission to issue NT$5 billion in yuan-denominated debt, an onshore first, the regulator said.

This provides local financial institutions and companies with an extra channel to raise funds to strengthen business operations, the commission said.

Hau Nan Commercial Bank (華南銀行), First Commercial Bank (第一銀行) and Taiwan Cooperative Bank (合作金庫銀行) will also start yuan business today as will Taipei Fubon Commercial Bank Co (台北富邦銀行), Cathay United Bank (國泰世華銀行) and the Taipei branch of Australia and New Zealand Banking Group.

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