NANJING -- Taiwan's leading bank, the Mega International Commercial Bank, has opened its first branch on the Chinese mainland in the eastern city of Suzhou, local authorities said Wednesday.

The Mega International Commercial Bank will invest 1 billion yuan ($158 million) in the initial operation of the branch in East China's Jiangsu province, said Tsai Y.T., the bank's chairman.

The Mega International Commercial Bank is the fourth Taiwanese bank to set up a branch in Suzhou in the past two years, according to the municipal government.

A total of 10 Taiwanese banks have received approval from authorities to set up branches in the mainland.

Suzhou is a major mainland destination for Taiwanese investment. The city is home to 9,719 Taiwanese-invested enterprises with an investment volume of $66.35 billion.