Fubon Financial Holding Co (富邦金控) and its subsidiaries yesterday signed five letters of intent with three Xiamen-based counterparts to expand its presence in China’s Western Taiwan Straits Economic Zone, the company said in a press statement.
The Taipei-based financial service provider inked its first letter of intent with Fujian Investment & Development Co (FIDC, 福建投資開發集團) to set up a joint-venture securities arm — the Cross-strait Securities Co (海峽證券有限公司) — the statement said.
The two companies will work on a securities brokerage businesss for A-shares, which refer to shares traded in Chinese yuan on the Shanghai and Shenzhen stock exchanges, it said.
It signed a letter of intent with the FIDC to set up a joint-venture fund management firm — Cross-strait Industrial Investment Fund Management Co (海峽產業投資基金管理有限公司) — to establish, manage and operate an industrial investment fund promoting the cooperation and development of industries across the Strait.
Fubon Financial did not disclose the size of the planned investment fund, but earlier media reports quoted a Chinese official as saying that the fund size may total 20 billion yuan (US$2.93 billion) with an initial capital injection of 5 billion yuan.
The Xiamen-based subsidiary of Fubon Insurance Co (富邦產險) and Fubon Life Insurance Co (富邦人壽) inked a letter of intent with Xiamen Bank (廈門銀行), previously known as Xiamen City Commercial Bank (廈門商銀), to develop an insurance service platform there.
The insurance arm will offer family property, accidental and travel accident insurance products to be sold at Xiamen Bank as well as professional training to the Chinese bank, the statement said.
Fubon Insurance and Fubon Life Insurance also inked an agreement with Xiamen Port Holding Group (廈門港務控股集團) to develop an insurance brokerage.
The fifth letter of intent was signed between Taipei Fubon Bank (台北富邦銀行) and Xiamen Bank to develop cross-strait wire-transfer services.
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