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Nanjing financial group signs MOUs with Taiwan's 5 financial institutions today.

Taipei, Feb. 18, 2011 (CENS) -- The financial members of the visiting Nanjing City group, led by Mayor Ji Jianye and arriving at Taipei on Feb. 15, ink MOU today with five financial institutions here.

The group's financial members include Nanjing Zijin Financial Holding Co., Ltd., Bank of Nanjing (BON), and Nanjing Securities Co., Ltd., all owned by Nanjing Municipal People's Government. It is reported that Nanjing Zijin Financial signs MOU with Taishin Financial Holding Co. to jointly establish a leasing firm and with Fubon Life Assurance Co. to form a joint venture in life insurance.

Besides, Nanjing Securities signs MOU with its Taiwanese counterpart--Mega Securities for strategic cooperation; while BON ink MOU with both Bank of Taiwan (BOT) and Bank SinoPac for banking cooperation.

H.L. Chang, chairperson of Bank of Taiwan (BOT), indicated that BOT's branch in Shanghai would closely cooperate with BON to offer financial services to Taiwanese enterprises in Shanghai, Nanjing, and neighboring areas.

Currently BOT has assets of about US$130 billion and BON about US$40 billion. The latter has so far established eight branches in several major cities in China, including Shanghai, Beijing, Suzhou, Yangzhou, and Wuxi of Jiangsu Province and Hangzhou of Zhejiang Province, with combined workforce of over 2,700 persons.

Chang disclosed that the two banks will not rule out the possibility of purchasing each other's shares in addition to financial cooperation.

Nanjing City and its neighboring areas have been one of the most favored places for Taiwanese enterprises to build up production bases; hence many Taiwanese financial institutions target Nanjing or the nearby Shanghai as first priority for establishing their footholds in China.
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Author:Li, Judy
Publication:The Taiwan Economic News
Article Type:Brief article
Geographic Code:9CHIN
Date:Feb 18, 2011
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