Approved foreign exchange business in February 2009
PRESS RELEASE Release Date: March 13, 2009
Approved foreign exchange business in February 2009
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:
1. Cathay Life Insurance Co. to conduct both investment-linked insurance business settled in foreign currencies and foreign currency loans secured by the same insurance policy.
2. Prudential Securities Investment Co. to conduct foreign currency discretionary investment business.
3. ING Securities Investment Co. to act as a single master agent for ING Investment Management Luxembourg S.A. in offering and selling offshore funds in Taiwan.
4. the following authorized banks to conduct foreign exchange derivatives business via the negative list approach：
(1) Taipei Fubon Commercial Bank ：FCY Commodity Swaps.
(2) EnTie Commercial Bank：FCY Options.
(3) ABN AMRO Bank：Structured Products composed of Gold Account linked to FCY Time Deposits and Gold Options.
5. Taishin International Bank, Cosmos Bank, Hualien Second Credit Cooperative and The First Credit Cooperative of Hsinchu to sell/buy Renminbi banknotes.
6. 9 branches of 5 banking enterprises to operate foreign exchange business. As of the end of February 2009, there were 1,337 authorized foreign exchange banks, including 1,243 domestic banks and 94 foreign banks.