A total of eight domestic financial institutions have inked agreements with their Zhejiang Province-based counterparts to foster business cooperation during the recent visit of a Chinese trade delegation to Taipei.
Among them, Taipei-based Yuanta Futures Co (元大期貨), a subsidiary of Yuanta Financial Holding Co (元大金控), yesterday inked a letter of intent with Yongan Futures Broker Co (永安期貨) from Hangzhou City at a financial forum.
In accordance with the agreement, the local futures subsidiary will take full advantage of Yongan Futures’ 22 sales outlets outside Hangzhou to expand futures brokerage businesses there, Yuanta Futures vice chairman and president Maurice Lu (盧立正) said by phone.
State-owned Yongan, with capital of 184 million yuan (US$26.9 million), will in return benefit from the Taipei futures company’s strength and expertise in dealership, consultative services and even investment banking, he added.
“The futures sector in Taiwan is highly competitive in its sales and marketing and managerial talent, which we’d like to learn from,” Yongan Futures president Shi Jianjun (施建軍) told yesterday’s forum.
Once an economic cooperation framework agreement (ECFA) is inked between China and Taiwan, leading to the deregulation of financial cooperation across the Strait, both companies will further explore the possibility of mutual stake investments to enhance ties, Lu said.
Hangzhou-based Zheshang Venture Capital Co (浙商創投) signed a letter of intent with Benefit Capital Management Ltd (百富源) in Taiwan to co-found a joint venture, the Chinese venture capitalist said yesterday.
The to-be-established joint venture will raise an initial capital of 200 million yuan to invest in Zhejiang-based Taiwanese businesses in the low carbon and high-tech sectors, Zheshang Venture Capital chairman Chen Yuemeng (陳越孟) told the Taipei Times yesterday.
In addition, Union Insurance Co (旺旺友聯產險) under Want Want Group (旺旺集團) inked a letter of intent with Zheshang Property and Casualty Insurance Co (浙商財險). The cooperation details were not disclosed.
The Taipei Foundation of Finance also inked another letter of intent with the finance school at Zhejiang University to cooperate in the training of top-tier financial talents.
Prior to yesterday’s forum, E.Sun Commercial Bank (玉山銀行) agreed to cooperate with China Zheshang Bank (浙商銀行), while the nation’s Travel Agents Association on Thursday agreed to cooperate with China UnionPay (中國銀聯).
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