Land Bank wins approval to open branch in Tianjin


TAIPEI — The Investment Commission said Friday it has approved an application filed by Land Bank of Taiwan to set up a branch in Tianjin, China. According to the commission, the Land Bank of Taiwan is planning to remit 1 billion Chinese yuan (US$159 million) for the establishment of the new Chinese branch in a bid to provide a wide range of banking business to Taiwanese investors operating on the mainland.

The Tianjin branch will be the second Chinese outlet for Land Bank after it set up the first branch in Shanghai in December 2010.