Taipei, Nov. 20, 2012 (CENS)--SinoPac Financial Holding Co., a private financial holding company in Taiwan, recently opened a bank branch in Kinmen, an offshore island of Taiwan, and a leasing branch in Xiamen, Fujian Province, China.
S.C. Ho, chairman of SinoPac, indicated that the two newly-opened firms will cooperate in offering complementary financial services to clients in Taiwan and China, particularly renminbi (RMB)-based services which are expected to start at designated domestic banking units (DBUs) either at the end of Nov. or early next month.
Ho disclosed that SinoPac Bank, a banking arm of SinoPac Financial, is applying to set up a subsidiary in Nanjing, Jiangsu Province, whose approval will likely be given by the end of the third quarter of 2013 to lead to establishing a branch in Xiamen or other cities on the western coast.
Seeing the further expansion of the RMB-based financial market, Taiwanese banks are actively deploying cross-strait operations. In addition to SinoPac, Bank of Taiwan, Land Bank of Taiwan, Mega International Commercial Bank and Yuanta Bank also run branches in Kinmen.
(by Judy Li)
