BANK of Communications (BoCom) has officially opened its representative office in Taipei as one of the first Chinese mainland banks to establish business in Taiwan.

The office's business includes liaison work such as market research and customer relationship building.

Under the Economic Cooperation Framework Agreement between the mainland and Taiwan, the mainland banks' representative offices may upgrade to full service branches after operating for one year in Taiwan.

Bank of China, the nation's third largest lender, was also among the first to set up presence on the island.