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Taiwan Banks set up on mainland

Taiwan Banks set up on mainland

(China) - Two more Taiwanese banks have moved to set up representative offices in Mainland China, bringing the number to four since the recent thaw in financial relations between the two Chinas. First Commercial Bank - Taiwan's fourth largest with assets of more than US$37 billion - opened its Shanghai office on March 7, while the Land Bank of Taiwan will open in Shanghai in early April.

The two banks join the United World Chinese Commercial Bank, and the Bank of Changhua.

Eight Taiwanese banks have submitted applications to open in Mainland China.

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