China's Industrial Bank to open office in Taiwan

SHANGHAI, Oct 14 (Reuters) - China's Industrial Bank (601166.SS), a mid-sized lender, said on Tuesday it plans to set up a representative office in Taiwan, as ties between the island and the mainland improve.

Taiwan earlier this year allowed mainland banks and insurers to set up offices on the island, under a warming of cross-strait relations since Ma Ying-jeou took office as Taiwan's president in May.

China Merchants Bank Co (600036.SS), another mid-sized lender, announced plans for a Taipei office in August and the Taiwan Economic News reported in May that larger mainland banks, including Bank of China (601988.SS) and Industrial and Commercial Bank of China (601398.SS), were also considering establishing offices in Taiwan.

China sees self-ruled Taiwan as a renegade province that must ultimately be reunified with the mainland, by force if necessary. (Reporting by Samuel Shen; Editing by Edmund Klamann)