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Financial exposure to Evergrande in Taiwan NT$2 21bn
taipeitimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from taipeitimes.com Daily Mail and Mail on Sunday newspapers.
FSC fines Taipei Fubon NT$2 million over lax money laundering oversight
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FSC eases capital requirements for top banks to expand lending capacity
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The Financial Supervisory Commission (FSC) is considering allowing more types of corporate customers to apply for loans online to help them weather the COVID-19 pandemic without creating a loophole for money laundering, it said on Thursday.
The commission currently only allows sole proprietorships companies owned by a single individual to apply for loans completely online, as their shareholding structure is simple and it is easier for lenders to conduct know-your-customer (KYC) reviews on the companies and their owners.
As banks have adjusted their branch hours since the start of a nationwide level 3 COVID-19 alert last month and more small-sized
FSC approves Taishin bid for Prudential’s local unit
END OF VOTING RIGHTS: The sale of Taishin Financial Holding Co’s shares in Chang Hwa Bank would end its decades-long management dispute with the Ministry of Finance
By Kao Shih-ching / Staff reporter
The Financial Supervisory Commission (FSC) has approved Taishin Financial Holding Co’s (台新金控) application to acquire Prudential Life Insurance Co of Taiwan (保德信人壽), after it committed to selling all of its shares in Chang Hwa Bank (CHB, 彰化銀行) to fund the acquisition and to inject capital into the life insurer, the commission said yesterday.
Taishin Financial later announced that it would sell its CHB shares within six years and would not nominate new CHB board members or exercise its voting rights in the state-run bank’s board elections, ending its decades-long management dispute with the Ministry of Finance.