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TBB to ink MOU with Bank of Beijing on Nov. 12.

Taipei, Nov. 11, 2010 (CENS) -- Taiwan Business Bank (TBB) is to sign a memorandum of understanding (MOU) with the Bank of Beijing (BOB) in Beijing on Nov. 12 to promote personnel exchange and renminbi (RMB)-based loans to Taiwanese enterprises in China.

Besides, TBB is going to set up a representative office in Shanghai by the end of this year, which may be upgraded to branch a year later. T. C. Lo, chairman of TBB, indicated that financial institutions in China can obtain better profits than its counterparts in Taiwan since they see much higher interest rate gap of 5-6 percentage points. So, TBB will explore the financial market in China after inking the MOU with BOB and establishing a foothold in Shanghai.

BOB is a bank in northern China with total assets of 689.795 billion RMB as of the end of the third quarter, up 30% from the end of last year. In the first nine months the bank raked in 2.044 billion RMB in after-tax profits, surging an annualized 35.36%.

Currently BOB has 5,801 employees at its 180 branches in China, which are mostly in large cities as Beijing, Tianjin, Shanghai, Xian of Shanxi Province, Shenzhen of Guangdong Province, Hangzhou of Zhejiang Province, Changsa of Hunan Province, and Nanjing of Jiangsu Province. In addition, it also has a representative office in Hong Kong.

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Title Annotation:Taiwan Business Bank
Author:Li, Judy
Publication:The Taiwan Economic News
Article Type:Brief article
Geographic Code:9CHIN
Date:Nov 11, 2010
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