The amendments to the three revised statutes governing the operations of banks, insurance companies and securities houses were enacted yesterday, paving the way for Taiwanese banks to file applications to branch into China.
The Financial Supervisory Commission (FSC) was to start accepting applications yesterday afternoon.
FSC Chairman Sean Chen (陳冲) said that it would take about two months for the FSC’s Banking Bureau to screen applications filed by local banks to invest in China and that it would take another four to six months for Chinese authorities to process the applications before granting licenses.
“Taiwanese banks will be able to formally venture into China by the end of the year at the earliest,” Chen told the legislative finance committee yesterday.
All the local state-owned banks, including Taiwan Cooperative Bank (合作金庫), First Commercial Bank (第一銀行), Land Bank of Taiwan (土地銀行), Chang Hwa Bank (彰化銀行), Business Bank of Taiwan (台灣企銀) and Hua Nan Commercial Bank (華南銀行), said they would submit applications as soon as possible.
Meanwhile, Banking Bureau Director-General Kuei Hsien-nung (桂先農) said screening and supervision of Chinese banks making inroads into Taiwan would be a “dual track” mechanism, with the FSC and the Investment Commission under the Ministry of Economic Affairs in charge.
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