Hua Nan Commercial Bank, the banking unit of Taiwan's Hua Nan Financial Holdings, has entered into a cooperation agreement with Guangzhou-based China Guangfa Bank.

Under the terms of the deal, both banks shall cooperate in areas of banking, trade finance, capital finance and the establishment of retail outlets, including the exchange of business information and personnel. China Guangfa Bank has around 16,000 staff at its 49 branches the country and specialises in securities trading, wealth management, trust and banking. 

This is the fifth cooperation agreement signed by Hua Nan with a Chinese bank, the previous ones being Fujian Haixia Bank, Bank of China, Bank of Communications and China Merchants Bank. The partnerships are meant to help Hua Nan Bank boost its limited presence in China. The Taiwan firm opened its first branch in Shenzhen in January 2011.