The Taiwan-based Shanghai Commercial & Savings Bank, Ltd. (SCSB) signs to open its first mainland branch in Wuxi on Jan 6. [Photo/wnd.gov.cn]
The Taiwan-based Shanghai Commercial & Savings Bank, Ltd. (SCSB) agreed to open its first mainland branch in Wuxi on Jan 6.
SCSB's Wuxi branch was approved by the China Banking and Insurance Regulatory Commission last November and is expected to open in the Wuxi National Hi-Tech District in the first half of this year.
Wuxi Party Secretary Huang Qin attended the signing ceremony and said he is optimistic about the prospects of SCSB's Wuxi branch, as it is the first Taiwan-based bank to operate in Wuxi and is expected to provide efficient trade financing and remittance services for small- and medium-sized enterprises in the city.
Huang also 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.
The government will provide high-quality services and support for the establishment of SCSB's Wuxi branch, Huang said. He also expressed hope that the bank would offer strong financial services to locals and contribute to the economic and social development of Wuxi.
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 mainland China.