OREANDA-NEWS. The Bank of Tokyo-Mitsubishi UFJ (hereinafter "BTMU") (President: Mr. Nobuyuki Hirano) signed a memorandum of understanding with Bank of Taiwan, the largest Taiwanese state-owned bank, on entering into a business partnership for mutual support in providing a wide range of financial services in Taiwan, Japan and around the globe.

Bank of Taiwan was established in 1946 and is the largest fully owned bank of the Taiwanese government. It has the largest size of assets and deposits in Taiwan. It was established primarily to contribute to the economic development of Taiwan, and with its mission to efficiently provide funds to mainly corporate activities, it is handling stabilization of the value of the Taiwanese dollar and the government's public funds (pension reserve funds and such).

Taiwan has a population of 23 million, an active export industry centered on electronics and the world's fifth largest amount of foreign currency reserves. Trade with mainland China is increasing year by year, and it is attracting the attention of Japanese and other foreign corporations thanks to its high-quality labor, geographical advantages and pro-Japan national characteristics.

Since the opening of Taipei Branch in March 1993, BTMU has steadily worked on supporting the expansion of Japanese companies into Taiwan and providing various financial services in Taiwan. By taking advantage of the know-how and customer bases of both banks through this business partnership, BTMU will continue to further expand its services for Japanese companies and Taiwanese companies.