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Cathay Financial inks cooperation deals with mainland banks

Jun. 5, 2012 (China Knowledge) - Taiwan-listed Cathay Financial Holding Co, the island's biggest financial conglomerate by assets, announced yesterday that Cathay United Bank, a unit of the company, has signed cooperation agreements with China Construction Bank Co<601939><0939> and Industrial Bank Co Ltd<601166>, sources reported.

Cathay Financial has also inked cooperation pacts with Bank of China Ltd<601988><3988>, Agricultural Bank of China Ltd or ABC<601288><1288>, Bank of Communications<601328><3328> and China Development Bank.
The move is part of the financial holding company's effort to expand outside saturated Taiwan market.

Cathay United Bank already has six overseas branches, including one branch in Shanghai, and five overseas offices, according to its website.

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