First Commercial Bank inks MOU with Chinese bank

Date:2011-10-26litingting  Text Size:

Taipei, Oct. 25 (CNA) First Commercial Bank, a subsidiary of Taipei-based First Financial Holding Co., announced Tuesday that it has signed a memorandum of understanding (MOU) with China Construction Bank (CCB) from mailand China to facilitate "comprehensive business cooperation."

First Commercial Bank said that with the increased trade exchanges across the Taiwan Strait, the amount of letters of credit (LOCs) from China has surpassed 20 percent of all the LOCs it receives, and that it will continue its business expansion in China.

The Taiwanese bank has already opened a branch in Shanghai and a financial leasing company in Suzhou, Jiangsu Province.

It said it is preparing to open another branch and a leasing company in Chengdu, Sichuan Province.

According to First Commercial Bank, as of the June this year, the CCB's total assets stood at 11.75 trillion yuan, the second- highest in China.

In the January-June period of this year, the Chinese bank's revenues reached 197.2 billion yuan, with net profit standing

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