Taiwan and China banking pact

Story link: Taiwan and China banking pact

Its good to see two large forces coming together and working to make things right in times of economic crisis.
However this may not have the positive they hope, what about the banks that are already operating, surely they will be subject to a smaller market share?

Taiwan and China banking pact

Taiwan’s government expects negotiations with Beijing to enable as many as a dozen Taiwanese banks to begin operating next year in China, offering a new but potentially risky opportunity for one of Asia’s largest banking sectors, the island’s chief financial regulator said in an interview.
Sean Chen, chairman of Taiwan’s Financial Supervisory Commission, said on Monday that talks with China are proceeding toward an expected agreement sometime in the first half of 2009 on liberalizing banking ties between the two long-time rivals.