Hua Nan Bank signs MOU with China Guangfa Bank


CNA

TAIPEI — Hua Nan Commercial Bank, a banking arm of Hua Nan Financial Holdings Co. Ltd., said Friday it has signed a memorandum of understanding (MOU) with Guangzhou-based China Guangfa Bank (CGB) related to future business cooperation. Under the accord, both partners will cooperate in the areas of corporate banking, trade financing, working-capital financing, and the establishment of retail outlets, and will also exchange business information and encourage personnel exchanges. With increasing business ties across the Taiwan Strait, the two banks will team up to provide services to Taiwanese investors operating on the mainland, the bank said. It was the fifth cooperation agreement signed by Hua Nan Bank with a Chinese partner. It had previously inked deals with Fujian Haixia Bank, Bank of China, Bank of Communications and China Merchants Bank. CGB, which was renamed from Guangdong Development Bank in April 2011, was established in September 1988, Hua Nan Bank said. With a workforce of about 16,000 employees, CGB specializes in banking, securities trading, trust business, insurance and wealth management. The Chinese bank ranked as the 144th largest bank in the world and the 12th largest in China in terms of core assets in 2011, according to a ranking released by British-based Banker magazine. Currently, CGB operates 29 branches, a total of 544 outlets and 676 self service points and 3,600 automatic teller facilities in major Chinese cities, such as Beijing, Tianjin, Nanjing and Hangzhou, as well as in the Macau Special Administrative Region. In addition, the Chinese bank is expanding the number of its outlets in the Pearl River Delta, the Yangtze Delta, the Bohai area and Sichuan.

Hua Nan Bank said it will take advantage of CGB’s broad network to make up for its limited presence in China. The Taiwanese bank opened its first branch in China in Shenzhen in January 2011.