Money

CDB signs memorandum with Taiwan bank

(Xinhua)
Updated: 2011-06-30 14:31

BEIJING - China Development Bank (CDB), one of the country's three policy banks, signed a memorandum with Taiwan Cooperative Bank on Wednesday to further strengthen cross-border trade and investment.

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According to the memorandum, the two banks will cooperate in program financing, joint lending, corporation credit, risk management and personnel training.

The CDB has extended 50.6 billion yuan ($7.78 billion) to Taiwan-funded enterprises since 2005, Li Jiping, vice president of CDB, said at the memorandum singing ceremony, adding that the lender will continue to support mainland investors to invest in Taiwan.

Taiwan Cooperative Bank, the second largest bank in the island, started its first mainland branch in the city of Suzhou, Jiangsu Province, last year. The lender plans to launch more branches on the mainland and it is also preparing branches in Vietnam and Australia, said Lin Wen-Lung, executive vice president of the bank.

Taiwan Cooperative Bank has the most branches among all banks in Taiwan. Its businesses range from life insurance, asset management and consumer finance.