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After the signing of the cross-strait MOU, are Taiwan banks able to set up branches in the Mainland Area?

(1) Based on the "Cross-Strait Financial Cooperation Agreement," which came into effect on June 25, 2009, financial regulators on both sides of the Strait signed a memorandum of understanding (MOU) on November 16, 2009 for cooperation on financial supervision and management in the banking, securities and futures, and insurance industries. The MOU came into effect on January 16, 2010.

(2) Currently, 13 domestic banks (Chang Hwa Bank, Taiwan Cooperative Bank, First Bank, Land Bank of Taiwan, Hua Nan Commercial Bank, Cathay United Bank, Chinatrust, Mega Bank, Bank of Taiwan, E.Sun Bank, Taiwan Business Bank, Bank SinoPac, Taipei Fubon Commercial Bank) have been approved by the Financial Supervisory Commission to open Mainland branches. A total of 13 such branches have begun operations (First Bank's Shanghai Branch, Land Bank of Taiwan's Shanghai Branch, Land Bank of Taiwan's Tianjin Branch, Taiwan Cooperative Bank's Suzhou Branch, Taiwan Cooperative Bank's Tianjin Branch, Chang Hwa Bank's Kunshan Branch, Cathay United Bank's Shanghai Branch, Hua Nan Commercial Bank's Shenzhen Branch, Chinatrust's Shanghai Branch, Mega Bank's Suzhou Branch, Bank of Taiwan's Shanghai Branch, E. Sun Bank's Dongguan Branch and Taiwan Business Bank's Shanghai Branch).