OREANDA-NEWS. September 14, 2011. Bank of China and two Taiwan-based commercial banks, Hua Nan Bank and Chang Hwa Bank, entered into the comprehensive business cooperation agreements. According to the agreements, Bank of China and the two Taiwan banks will fulfill the communication and cooperation in the aspects of financing, settlement and clearing business, fund business, syndicated loan, risk management and personnel training for the enterprises in both China's mainland and Taiwan, reported the press-centre of Bank of China.

Chen Siqing, Vice President of Bank of China, signed the above agreements on behalf of the Bank. He says that, as the cross-strait economic and trade cooperation is enhanced, new requirements are raised and new momentum is emerging; Bank of China has already established good partnerships with the two Taiwan-based commercial banks through the previous business interaction; the signing of the above agreements expresses that the involved parties have a vision to deepen the cooperation in various business sectors, and indicates that the cooperation between Bank of China and its peers in Taiwan will reach a higher level.

Founded in February 1947, a wholly owned subsidiary of Hua Nan Financial Holdings, Hua Nan Bank is the sixth biggest commercial bank in Taiwan. By the end of 2010, its total assets value was USD 63.07 billion, and its net profit in 2010 was USD 204 million.

Established in July 1950, Chang Hwa Bank is the eighth biggest commercial bank in Taiwan, with Taishin as its number one shareholder. By the end of 2010, its total assets value was USD 51.59 billion, and its net profit in 2010 was USD 269 million.

Up to now, Bank of China has respectively signed the comprehensive business cooperation agreements with seven Taiwan-based commercial banks, including Bank of Taiwan, Taiwan Cooperative Bank, First Bank, Mega International Commercial Bank, E.Sun Bank, Hua Nan Bank and Chang Hwa Bank.