The Bank of Tokyo opened an office...
The Bank of Tokyo opened an office in Taipei, becoming the second Japanese bank in Taiwan.
The bank is the first Japanese financial institution to set up a base in Taipei since Taiwan introduced a one-country, one-bank policy in the late 1950s.
Japan’s top commercial bank, Dai-ichi Kangyo Bank, has been operating in the country for some time.
Bank of Tokyo officials declined comment on local news reports that China softened its attitude toward the bank’s move after Japan told China last month of its decision to resume aid, which had been suspended since the massacre of pro-democracy demonstrators at Tian An Men Square in Beijing in early June last year.
Japan has decided to disburse a $5.4-billion loan package to China over the 1990-95 period.
Reports said the Bank of Japan move was seen as opening the way for further entry into Taiwan’s banking market by Japanese financial institutions.
It also is expected to stimulate advances by Taiwanese banks into the Japanese market, which has been frozen to them for 30 years.
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