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.