OREANDA-NEWS. July 22, 2013. As the first mainland commercial bank that has established a business branch in Taiwan, BOC Taipei Branch has kept enhancing its profitability and grown rapidly over the year since its establishment. By June 2013, the branch's assets had totaled up to 30 billion yuan.

Since its establishment in June 2012, BOC Taipei Branch has taken an active part in promoting economic and trade relations and financial cooperation across the Straits. After being approved as the RMB clearing bank in Taiwan, under the guidance of the monetary authorities on both sides of the Straits, the branch has practically performed its duties and obligations as the RMB clearing bank in Taiwan, to provide Taiwan's participating banks with secure, quality and fast RMB clearing services. By late June 2013, the branch had opened RMB clearing accounts for 64 participating banks; had handled 36,000 RMB settlement and clearing transactions, with total receipts and payments of 240 billion yuan; and had handled over 1,000 RMB purchase and sales transactions, with a total amount of over 10 billion yuan.

In terms of corporate finance, by late June 2013, over 100 enterprises had opened over 350 accounts at BOC Taipei Branch, of which the vast majority were Taiwan's industrial leaders like Hon Hai, Formosa Plastics Corporation, Uni-President and Taiwan Cement, with total deposits of over 400 million U.S. dollars.

Since its establishment, BOC Taipei Branch has persistently provided follow-up services to mainland enterprises entering Taiwan, and has forged business partnerships with mainland enterprises like China Southern Airlines and Xiamen Air. In January 2013, the branch participated in the syndicated loan project of Taiwan Cement Corporation as the main bank, with a contribution of 1.5 billion Taiwan dollars. This was also the first local syndicated loan project in Taiwan that a mainland bank participated in as the main bank.

In the future, BOC Taipei Branch will endeavor to become a marketing window for headquarters of Taiwan-funded enterprises, a fund-raising channel for domestic and overseas institutions, a platform serving mainland enterprises and an impeller of Taiwan-related product service demands. The bank will give play to its role of RMB clearing bank, preferentially develop relevant businesses such as RMB clearing and currency conversion, achieve breakthroughs in BOC's traditional superior products such as trade financing and supply chain financing, drive the development of intermediary businesses, intensify product planning, popularization and innovation, carry out e-channel construction and develop new service channels, thereby providing better and faster financial services for economic and trade association across the Straits.

In June 2012, BOC Taipei Branch went into operation as the first business branch of a mainland commercial bank in Taiwan. On December 11, 2013, approved as the RMB clearing bank in Taiwan.