Approved foreign exchange business in February 2012
PRESS RELEASE Release Date: March 13, 2012
Approved foreign exchange business in February 2012
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:
1. Fubon Securities Investment Trust Co. to act as a single master agent for NGAM S.A, GAM Fund Management Co, and SAM Asset Management Co. in offering and selling offshore funds in Taiwan.
2. Pictet Securities Investment Consultant Co., to act as a single master agent for Pictet Funds (Europe) S.A. in offering and selling offshore funds in Taiwan.
3. 97 branches of 13 banking enterprises to operate foreign exchange business. As of the end of February 2012, there were 2,524 authorized foreign exchange banks, including 2,470 domestic banks and 54 foreign banks.