Macau, China, 17 Aug – The Macau government has authorised the Hua Nan Commercial Bank, of Taiwan, to open a subsidiary in Macau, according to an executive order published in Macau’s Official Bulletin.

With this authorisation granted to Hua Nan (Southern China) Commercial Bank, three Taiwanese banks now operate in Macau, out of a total of 29 banks, the other two being the SinoPac Bank and the First Commercial Bank.

In 1996, during the Portuguese administration of Macau, the International Bank of Taipei (IBT) was authorised to open a subsidiary in Macau and, following its merger with the SinoPac Bank, started operating in the territory under this name.

The Hua Nan Commercial Bank was founded in Taipei in 199, has subsidiaries in Hong Kong, Singapore, China, the United States, Vietnam and the United Kingdom, and is 100 percent owned by Taipei-based Hua Nan Financial Holdings. (macauhub)