Fubon looks to enter mainland insurance market

Fubon Financial Holding Co, which this month will become the first company from Taiwan to operate in the mainland retail banking sector, is applying to enter the mainland insurance market as well, the Wall Street Journal reported. In May, Fubon was approved to buy a 20% stake in Xiamen City Commercial Bank in Fujian. An earlier application to begin offering property insurance on the mainland was delayed due to the Beijing Olympics, but could be approved in the fourth quarter of this year, according to Victor Kung, Fubon’s president. The company is one of Taiwan’s largest private banking and insurance groups by assets. Easing cross-strait relations since the election of Ma Ying-jeou as Taiwan’s president have allowed an expansion of ties between Taiwan and the mainland in the financial sector.