Bank Launches Cross-Strait Banking Businesses

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Last updated at: (Beijing Time) Thursday, July 11, 2002

Bank Launches Cross-Strait Banking Businesses

The Industrial and Commercial Bank of China (ICBC) announced Thursday that it has opened agency banking service across the Taiwan Strait for both corporate and individual clients.

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The Industrial and Commercial Bank of China (ICBC) announced Thursday that it has opened agency banking service across the Taiwan Strait for both corporate and individual clients.

A spokesman for the ICBC said that, with ratification from the People's Bank of China, the ICBC has exchanged settlement control files with 22 of Taiwan Province's local banks and 12 branches of foreign banks in Taiwan, marking the establishment of a direct agency arrangement between banks across the Taiwan Strait.

He said that over recent years, economic, trade and personnel exchanges across the Strait had been increasingly frequent, with cooperation continuously expanded. However, the financial sectors had never had direct business cooperation, and inter-bank business

had to be handled via banks in other places, which raised costs for clients and lowered efficiency.

So far the ICBC has set up agency relations with up to 1,000 banks around the world, and many Taiwan-invested enterprises on the Mainland are the bank's key clients. The opening of the direct

agency arrangement between banks of the two sides would provide high quality services and promote trade and economic cooperation across the Strait, he said.

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