Approved foreign exchange business in December 2010
PRESS RELEASE Release Date: January 12, 2011
Approved foreign exchange business in December 2010
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:
1. Hua Nan Commercial Bank to add import related transactions to its internet foreign exchange banking business with a value equal to or over NT$500,000.
2. Taishin International Bank to commence Structured Products composed of FCY Time Deposits and FCY Commodity Price Swaps conducted by natural persons.
3. New York Life Insurance Co. to conduct both non-investment-linked insurance business settled in foreign currencies and foreign currency loans secured by the same insurance policy.
4. 27 branches of 9 banking enterprises to operate foreign exchange business. As of the end of December 2010, there were 1,666 authorized foreign exchange banks, including 1,599 domestic banks and 67 foreign banks.