Taiwan financial firms expand business to Tianjin

Tianjin (CNS) -- The Industrial Bank of Taiwan (IBT) will open its Tianjin branch this coming April, followed by the Land Bank of Taiwan (LBT) and the Taiwan Cooperative Bank (TCB), confirmed Du Qiang, head of the municipal financial office, Wednesday.

Benefiting from the cross-Straits Economic Cooperation Framework Agreement (ECFA), Taiwanese financial giants are expanding their business to the mainland.

IBT, the first of its kind approved by the China Banking Regulatory Commission (CBRC), landed in Tianjin last year. In February, the LBT got authorization from Taiwan's financial watchdog to open its second mainland branch, also in Tianjin. Finally the TCB acted on its permission to extend its business across the Straits.

Besides the banking industry, Taiwan securities, insurance, trusts, funds, futures and stock rights institutes are also streaming onto the mainland. Cathay Life Insurance and Chailease International Leasing have already established their Tianjin offices.

Tianjin has put in place a series of policies that favor Taiwan financial firms, explained Du, which is why island companies are rapidly taking root in the city.