United World Chinese Commercial Bank (世
United World, formed in 1975, will open its first China representative office in Shanghai's Pudong financial district, near the city's stock exchange. United World Chairman Gregory Wang Kuo-Hua (汪國華), President Tung Cheng-Cheng (董成城) and Chung Jih-ti (鍾日迪), the chief Shanghai representative, will attend the opening, the bank said in an invitation card for the ceremony.
United World joins half a dozen Taiwanese rivals, including Hua Nan Commercial Bank (華
"It's a symbolic step that won't have any immediate impact on the bank's earnings or business," said Jesse Wang, an analyst at ABN Amro Securities Ltd in Taipei, who has a "reduce" recommendation on United World shares. "United World can't conduct lending or deposit business until after two years, and can only apply for a license to lend yuan currency after five years." Taiwan's economy is struggling to emerge from its worst recession on record, forcing companies to look outside the island to expand business.
Chang Hwa Commercial Bank (彰
China has no diplomatic links with Taiwan. Still, that hasn't deterred an expansion of financial and trading links.
China last year imported US$24 billion of goods from Taiwan, shipping them through Hong Kong. Many Taiwan companies are relocating factories to China, which is handing out licenses to foreign banks under commitments to open its financial industry to foreigners.
The licenses give the banks the ability to monitor client businesses in China, making it easier to assess loan requests.
Chinatrust Commercial Bank (中
"This signals progress in financial cooperation across the Taiwan Strait," China's central bank Governor Dai Xianglong (戴相龍) said at a March 11 press conference, where he announced the new licenses for Chang Hwa and United World. "I also support our banks going to Taiwan."
Taiwan banks can apply to upgrade their China representative offices into full branches two years later, under the Chinese central bank's rules, to be able to take deposits and give loans.
Beijing’s continued provocations in the Taiwan Strait reveal its intention to unilaterally change the “status quo” in the area, the US Department of State said on Saturday, calling for a peaceful resolution to cross-strait issues. The Coast Guard Administration (CGA) reported that four China Coast Guard patrol vessels entered restricted and prohibited waters near Kinmen County on Friday and again on Saturday. A State Department spokesperson said that Washington was aware of the incidents, and urged all parties to exercise restraint and refrain from unilaterally changing the “status quo.” “Maintaining peace and stability across the Taiwan Strait is in line with our [the
EXTENDED RANGE: Hsiung Sheng missiles, 100 of which might be deployed by the end of the year, could reach Chinese command posts and airport runways, a source said A NT$16.9 billion (US$534.93 million) project to upgrade the military’s missile defense systems would be completed this year, allowing the deployment of at least 100 long-range Hsiung Sheng missiles and providing more deterrence against China, military sources said on Saturday. Hsiung Sheng missiles are an extended-range version of the Hsiung Feng IIE (HF-2E) surface-to-surface cruise missile, and are believed to have a range of up to 1,200km, which would allow them to hit targets well inside China. They went into mass production in 2022, the sources said. The project is part of a special budget for the Ministry of National Defense aimed at
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COOPERATION: Two crewmembers from a Chinese fishing boat that sank off Kinmen were rescued, two were found dead and another two were still missing at press time The Coast Guard Administration (CGA) was yesterday working with Chinese rescuers to find two missing crewmembers from a Chinese fishing boat that sank southwest of Kinmen County yesterday, killing two crew. The joint operation managed to rescue two of the boat’s six crewmembers, but two were already dead when they were pulled from the water, the agency said in a statement. Rescuers are still searching for two others from the Min Long Yu 61222, a boat registered in China’s Fujian Province that capsized and sank 1.03 nautical miles (1.9km) southwest of Dongding Island (東碇), it added. CGA Director-General Chou Mei-wu (周美伍) told a