Taipei, Feb. 9, 2010 (CENS)--Taishin International Bank, a private bank in Taiwan, recently turned in an application to the Cabinet-level Financial Supervisory Commission (FSC) to set up a representative office in Nanjing, the first of its kind turned in to FSC since Jan. 2010 when the Cross-strait financial memorandum of understanding (MOU) became effective.

A senior Taishin executive said that, despite many Taiwanese enterprises having been in business in Nanjing and nearby areas with over 40 being top-100 Taiwan listed firms, it is about time for a financial institution to set up an office or branch in the city to offer financial services.

The application also has to be approved by the China Banking Regulatory Commission. The FSC has already approved 10 Taiwanese banks to set up footholds in China, with seven having run offices for two years.

As of the end of the first half of 2009, Nanjing City Government has approved more than 2,600 Taiwanese enterprises operating in the city with operating capital totaling US$3.17 billion. Today Taiwanese investments in Nanjing account for one sixth of the total foreign investments in the city and three Taiwanese electronic and telecom firms, namely, Compal Communications, Inc., Toppoly Optoelectronics, and Hannstar Display Corp., are the city`s top 10 exporters.

(by Judy Li)