Taiwan's Mega Bank opens first branch in Suzhou

The opening ceremony for Mega Bank's Suzhou branch.
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Taiwan's Mega International Commercial Bank has opened its first branch in China in the eastern city of Suzhou, local authorities said Wednesday.

The bank will invest 1 billion yuan (US$158 million) in the initial operations of the Jiangsu branch, said YT Tsai, the bank's chairman.

Mega International Commercial Bank is the fourth Taiwanese bank to set up a branch in Suzhou in the past two years, according to the municipal government.

A total of 10 Taiwanese banks have received approval from authorities to set up branches in China.

Suzhou is a major mainland destination for Taiwanese investment. The city is home to 9,719 Taiwanese-invested enterprises with an investment volume of US$66.35 billion.