Banks to operate overseas

Banks to operate overseas

TAIPEI (Reuter): Taiwan's central bank said on Monday it had
authorized four local banks to operate in Britain, Burma, Canada,
Indonesia, the Philippines and Singapore.

The state-run Hua Nan Commercial Bank will upgrade its London
representative office to a branch and manage Taiwan-China
financial communications at its branch in Singapore, the bank
said in a statement.

The central bank also authorized state-run First Commercial
Bank to set up a representative office in Rangoon, and the
International Commercial Bank of China to set up a representative
office in Indonesia, the statement said.

It also allowed Chinatrust Commercial Bank to set up a
subsidiary in Vancouver, Canada, and join its unidentified
Philippine subsidiary in setting up a foreign exchange company in
the Philippines, it said.