Taiwan clears first China bank investment

TAIPEI - Taiwan’s financial regulatory body on Thursday allowed Fubon Financial Holding Co to invest 34 million US dollars in a bank in China, the first time a local bank has been allowed to invest in the mainland.

By (AFP)

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Published: Thu 3 Apr 2008, 8:05 PM

Last updated: Sun 5 Apr 2015, 11:35 AM

Fubon will acquire a 20 percent stake in Xiamen City Commercial Bank through its Hong Kong subsidiary, the Financial Supervisory Commission (FSC) said in a statement.

Fubon’s Hong Kong subsidiary has 7.78 billion US dollars in assets, according to the commission.

The FSC said it had given the go-ahead because the investment ”will be conducive to the enhancement of local banks’ international competitiveness by providing an integrated service platform for Taiwanese investors,” it said.

Fubon Financial, one of Taiwan’s leading financial groups, also operates insurance and securities businesses.

Despite lingering hostilities between Taipei and Beijing, China is Taiwan’s leading foreign investment site, with an estimated 150 billion US dollars invested over the years by Taiwan businesses in a wide series of projects.

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