Wuxi opens first Taiwan-funded bank

Taiwan-based Shanghai Commercial & Savings Bank Ltd (SCSB) opened its first mainland first-level branch in Wuxi on Dec 10.

The Wuxi branch was approved by the China Banking and Insurance Regulatory Commission last November and is expected to provide efficient trade financing and remittance services for small- and medium-sized enterprises in the city and around the Yangtze River Delta.

Wuxi Party Secretary Huang Qin attended the bank,s signing ceremony in January and spoke highly of Yung Hung-Ching, chairman of SCSB. Yung's family is famous for helping Wuxi cement its position as one of the first cities in China to begin mass production many years ago. He made great contributions to the development of SCSB in Taiwan and supports commercial cooperation between Taiwan and the mainland.

Huang also expressed hope that the bank will offer strong financial services to locals and contribute to Wuxi's economic and social development.

SCSB, established in Shanghai in 1915, was one of the first privately-owned banks in China. It is also the only private bank to be reestablished in Taiwan after the Chinese mainland.

Wuxi is now home to 850 Taiwan-funded enterprises. From January to October this year, a total of 2,423 Taiwan-funded projects were introduced to the city.