Check out this news item:
http://www.chinaknowledge.com/News/news-detail.aspx?type=1&id=13230
[i]Taiwan banks may get approval to invest in Mainland
Feb. 11, 2008 (China Knowledge) - Taiwan’s local banks may get approval from the Taiwan authorities to invest in Mainland by the end of March, and Taiwan’s Financial Supervisory Commission will be working on the plan independently, source reported.
According to the commission, Taiwan’s local banks will need to get approvals from the regulators in the Mainland, Taiwan and Hong Kong for its investment in Mainland. The move will facilitate local banks and institutions’ investment in Mainland, said the commission.
Fubon Financial, a local financial institution of Taiwan, will be able to acquire 20% stake in Xiamen City Commercial Bank through its branch in Hong Kong, according to sources.
Both the ruling Democratic Progress Party and its opposition party during election support the plan to relax restrictions on Taiwanese investment in China. The commission promises the revolution will not be affected by the timing of the Taiwan presidential election. [/i]
Have you guys seen the news on this? My friends in the banking business have been looking forward to this day for a very long time, and it looks like it may come to pass soon. I haven’t had the chance to get the real lowdown yet, but thought this might be of interest to some of you.