Mainland regulators told Taiwan Cooperative Bank Ltd. and Cathay United Bank Co. Ltd., a subsidiary of Taiwan’s Cathay Financial Holding Co. Ltd., last week that each had the go-ahead to set up a second mainland branch, Apple Daily Taiwan reported Monday, citing unidentified official sources. Both banks submitted their applications 20 months ago after Taiwan’s Financial Supervisory Commission gave its approval. Taiwan Cooperative will establish its branch in Tianjin while Cathay United will set up in Qingdao. Land Bank of Taiwan Co., Ltd. was notified by the China Banking Regulatory Commission that it had to update its application, while First Commercial Bank Co. Ltd. and Hua Nan Commercial Bank Ltd. have not been notified to submit official applications, the report said.
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