Taiwanese firms get credit of 5b yuan

Bank of Shanghai said yesterday it will offer credit of not less than 5 billion yuan (US$730 million) to Taiwanese companies operating in Shanghai over the next two years.

The city's commercial bank has already offered credit of 6 billion yuan in the past three years to more than 100 Taiwanese companies operating on the Chinese mainland, 1 billion yuan more than in its previous plan, the bank said yesterday.

The bank will continue to serve Taiwanese small and medium enterprises, which it sees as its major strength.

The lender yesterday teamed up with the Taiwan affairs office of the Shanghai government to deepen cooperation in supporting Taiwanese companies in the city.

Bank of Shanghai, which has expanded into the Yangtze River Delta, will also expand its cooperation with other banks such as Taiwan-based Shanghai Commercial & Savings Bank so it can better target clients.

Earlier this month, three mainland banks said they will give a combined credit of 130 billion yuan to Taiwanese firms to help them weather the economic downturn.

The Industrial and Commercial Bank of China and the Bank of China will each offer 50 billion yuan over the next three years to Taiwanese companies operating on the mainland.

China Development Bank will offer 30 billion yuan to Taiwanese firms over the next three years on top of another 30 billion yuan credit that has already been allocated.