Approved foreign exchange business in January 2009
PRESS RELEASE Release Date: February 12, 2009
Approved foreign exchange business in January 2009
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:
1. First Capital Commercial Bank to change its name to Bank of Taipei and 22 branches of this bank to continue selling/buying foreign currency banknotes and traveler’s checks.
2. Fuhwa Securities Trust Co. to change its name to Manulife Asset Management （Taiwan）Co. and to continue acting as offshore funds’ domestic trustees to manage the sale of funds to specific clients privately and handling public offer of funds in foreign currencies.
3. Wen Shan Branch of The Shanghai Commercial & Savings Bank to operate foreign exchange business. As of the end of January 2009, there were 1,328 authorized foreign exchange banks, including 1,235 domestic banks and 93 foreign banks.