Industrial and Commercial Bank of China (1398.HKG) announced plans to purchase a 20% stake in Taiwan’s Bank Sinopac, marking the first investment from the mainland in a lender on the island, Bloomberg reported. Sinopac parent Sinopac Financial Holdings (2890.TPE) Chief Financial Officer Michael Chang said at a press conference in Taipei on Tuesday that the deal is valued at US$670 million. Taiwan’s Financial Supervisory Commission said on Monday that instead of the previous 5% cap across the board, mainland China banks may now take a 10% stake in listed financial institutions, a 15% stake in unlisted firms and 20% in banking units of financial holding companies. The announcement came after a meeting between FSC Minister Chen Yuh-chang and China Banking Regulatory Commission Chairman Shang Fulin.