UPDATE 1-BOC mulls loans for Chinalco's Rio bid; eyes Taiwan

Bank of China (3988.HK), China's biggest foreign exchange lender, will consider loans to back Chinalco's $19.5 billion investment in miner Rio Tinto (RIO.L)(RIO.AX).

Bank President Li Lihui made the comments on the sidelines of the National People's Congress meeting in Beijing, but did not disclose additional details.

In February, state-owned aluminium group Chinalco agreed to invest $19.5 billion in the mining giant in a deal that will secure resource supplies for China and help cut Rio's heavy debt load.

The plan is facing close scrutiny from the Australian government, which wants to ensure investments by foreign state-owned entities do not come with political or strategic strings.

BRANCH IN TAIWAN

Li also said Bank of China (601988.SS) aims to be the first mainland bank to open a branch in Taiwan.

Taiwan and China are expected to sign an agreement this year that would open Taiwan's financial services markets to China, and also allow Taiwan banks to set up branches on the mainland.

"We hope China and Taiwan will sign the MOU on cross-strait financial supervision as soon as possible," Li told reporters.

"Once it is signed, we hope to be the first Chinese bank to set up a branch in Taiwan."

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