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Four Chinese state banks to partner with Taiwan Cooperative Bank.

Taipei Taipei (tībā`), city (1995 est. pop. 2,632,863), N Taiwan, capital of Taiwan and provisional capital of the Republic of China. Taiwan's largest city, it is the administrative, cultural, and industrial center of the island. , July 20, 2009 (CENS CENS Censor
CENS Center for Embedded Networked Sensing (UCLA NSF)
CENS Censorship
CENS Centre d'Etudes Nucleaires de Seclay
) -- Four state-run banks in China are reportedly planning to strategically ally with the Taiwan Cooperative Bank Cooperative bank may refer to:
  • Cooperative banking (often spelled 'co-operative' banking) is the practice of using or operating a cooperative bank or credit union
  • The Co-operative Bank, a bank in the United Kingdom
  • National Cooperative Bank, a bank in the United States
, a government-linked bank here, to establish a financing platform to offer loans to Taiwanese enterprises in China.

The four Chinese banks include Bank of China, Industrial and Commercial Bank of China Industrial and Commercial Bank of China (ICBC) (Simplified Chinese: 中国工商银行; Traditional Chinese: , China Construction Bank, and Agricultural Bank of China The Agricultural Bank of China (ABC) (Simplified Chinese: 中国农业银行; Traditional Chinese: 中國農業銀行 , who hope that Taiwan Cooperative, under the alliance, can provide credit guarantees to back the loans to Taiwanese enterprises in China.

Taiwan Cooperative said that the proposed partnership can be flexible, with the details to be further discussed, believing the cooperation will help its development in China.

Insiders disclosed that the four Chinese banks' proposal to set up the financing platform with Taiwan Cooperative has been approved by China's State Council, which will contribute 50 billion renminbi (RMB RMB Right Mouse Button
RMB Regional Management Board (USACE)
RMB Rolf Maier Bode (musician, band)
RMB Ren Min Bi (currency of People's Republic of China) 
) or more than NT$200 billion (US$6.06 billion at US$1 = NT$33) to the project. More Taiwanese banks may be asked to join the platform in the future.

The four Chinese banks said that the Taiwan Cooperative Bank is their first Taiwanese partner because it is now Taiwan's second largest lender with a representative office long set up in Beijing, which will soon be upgraded to a branch. Besides, more than half of Taiwan Cooperative's clients are Taiwanese enterprises who are potential clients of the partnership.
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Publication:The Taiwan Economic News
Article Type:Brief article
Date:Jul 20, 2009
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