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Bank Of Communications Becomes First Mainland Bank To Obtain Taiwan Branch License

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China’s Bank of Communications has become the first mainland bank to obtain a branch license in Taiwan, the bank said in a statement yesterday. The license was approved by Taiwan authorities on June 11, and the bank will operate in Taipei's landmark Taipei 101 building.

The bank is 18.6% owned by HSBC.

Cross-Strait relations have expanded significantly following the election of Taiwan President Ma Ying-jeou in 2008.  Ma, who has pledged to try to boost ties between the two sides, was elected to a second term in January.