Taiwan Financial to go global

Visiting Taiwan Financial Holding Co. Chairman Tsai Che-hsiung said yesterday that his company will seek to go global by forging strategic alliances with foreign financial institutions or buying them outright.

Taiwan Financial Holding, the largest financial institution in Taiwan, has also committed to "serving Taiwanese businessmen worldwide wherever they are," said Tsai, who arrived in Singapore Sunday in company with several executives of the firm on a fact-finding trip.

Tsai said his firm is currently in the middle of talks with several leading financial institutions over the feasibility of jointly offering mutual funds on international fund markets.

Tsai, however, declined to disclose with which foreign financial institutions Taiwan Financial Holding is engaging in talks.

The head of the Taiwan Financial Holding, which was formally inaugurated in Taipei Jan. 1, said that in addition to speeding up the process of its globalization, Taiwan Financial Holding will make "serving the Taiwanese businessmen scattered overseas" one of its top business priorities.

In the future, he said, Taiwan Financial Holding will offer overseas Taiwanese businessmen diverse and efficient financial services, including stocks and securities; insurance; mutual funds; and personal financial management.

Tsai and his group departed from Singapore for Thailand last night to continue their Asian business trip, which will also take them to Hong Kong.

Taiwan Financial Holding was formed through the merger of the Bank of Taiwan, the Land Bank of Taiwan and the Export-Import Bank of the Republic of China, as part of efforts to upgrade the overall competitiveness of Taiwan's financial industry.

With NT$5.12 trillion in assets, NT$3.88 trillion worth of deposits and NT$3.24 trillion worth of active loans, Taiwan Financial Holding has an 18-percent share of the domestic market. It is not only Taiwan's largest financial institution but also Taiwan's first holding company to rank among the world's top 100, placing 18th among Asian banks and 89th in the world.