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BOC to provide $1.36b to 12 Taiwan-funded businesses

(Xinhua)
Updated: 2009-04-09 11:24

The Bank of China (BOC) signed cooperation agreements with 12 Taiwan-funded businesses Wednesday to provide them with 9.29 billion yuan ($1.36 billion) worth of credits.

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According to the agreements, Taiwan's AOC company, a leading monitor and TV manufacturer, will get 4 billion yuan worth credits from the BOC. Au Optronics Corp (AUO), Taiwan's third largest manufacturer of thin film transistor liquid crystal display panels, will get 2 billion yuan of credits and Formosa Plastics Corp 1.5 billion yuan of credits.

BOC's president Li Lihui said the bank hoped to deepen mutual understanding with Taiwan companies, and turn the current economic difficulties into chances for deeper cooperation.

Li also said the BOC had chosen 10 industries, including electronics, information, petroleum and non-ferrous metals, as key cooperation areas as well as 50 Taiwan-based companies as key cooperation partners.

The bank also pointed out the Pearl River Delta, the Yangtze River Delta and the Bohai Bay area as key cooperation areas in the mainland, and said it would give more support such as credit loans and talent.

BOC is the only mainland bank approved to conduct currency exchange business between the yuan and the Taiwan dollar. The bank has exchanged a total of NT$1.833 billion ($54 million) in 2008.