Taiwan will relax rules to permit Chinese banks to own larger stakes in local banks, Taiwan's Financial Supervisory Commission said Monday.
Chinese banks will be allowed to buy up to 20 percent stake of a banking unit of a financial holding company. Further, Chinese lenders can take a 15 percent stake in unlisted bank.
The agreement between regulators will take effect within 60 days.
In exchange, China will speed up the approval process of Taiwan banks that apply to start a second unit in the same city in the mainland.
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