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New holding company to focus on integration

New holding company to focus on integration

Taiwan Financial Holding Company will focus on the integration of Taiwan Bank, Land Bank, and Export-Import Bank of R.O.C., as well as on strategic alliances with major foreign banks, in the initial stages when the company goes into operation on January 1, company chairman Tsai Jer-shyong said yesterday at an event to launch the company.
Tsai said that Taiwan Financial Holding Company will be created by means of stock for stock exchanges between the state-owned Taiwan Bank, Land Bank, and Export-Import Bank of R.O.C., and will include Taiwan Bank's spin-off security and insurance companies.
He said that Taiwan Financial Holding Company, which will have 323 service stations and five spin-off companies in the country, is only a beginning.
When asked if the holding company will go on to merge with other banks, Tsai said that the holding company will first complete the integration of the three state-owned banks. Whether the company will be privatized or not is subject to national policy, he added.
However, Taiwan Financial Holding Company will move toward internationalization, Tsai said, adding that the holding company has begun negotiating with major international banks with a view to selling the company's products internationally.
Taiwan Financial Holding Company will apply for the establishment of service stations to serve local businesspeople in countries such as the U.S., Japan, Hong Kong, Singapore, Vietnam, Macao, London, Poland and Brazil, Tsai said.
The Legislature has resolved that Export-Import Bank of R.O.C. cannot merge with other financial institutions before the Statute For Export-Import Bank of the R.O.C. has been revoked. The statue will not cease to exist because of the establishment of the Taiwan Financial Holding Company, Tsai said, adding that Taiwan Bank and Land Bank have many business customers and could help Export-Import Bank.


Updated : 2021-07-28 09:47 GMT+08:00