The Financial Supervisory Commission (FSC) on Tuesday fined three banks, whose employees or sales agents stole money from clients, NT$20 million (US$722,335) in total, after it had warned that it would impose heavier fines on banks for such misconduct.
The commission fined CTBC Bank (中信銀行) NT$14 million, Bank SinoPac (永豐銀行) NT$4 million and Bank of Panhsin (板信銀行) NT$2 million, it said.
CTBC Bank was fined the most because the amount of money stolen by its sales agents NT$230 million was higher than the NT$2.49 million in the Bank SinoPac case and the Bank of Panhsin’s NT$4.3 million, Banking Bureau Chief
Yuan deposits held by local banks last month rose 0.26 percent to 236.03 billion yuan (US$37.08 billion), ending three straight months of decline, although local retail investors continued to trim positions, the central bank said yesterday.
The slight change prompted the bank to start treating yuan stakes as common foreign-currency deposits under its management, and it said the monthly news briefings on yuan deposit data would end next year.
Yuan deposits at domestic banking units shed 0.19 percent to 202.83 billion yuan, but grew 3.11 percent to 33.19 billion at Taiwanese offshore units, the central bank said.
The movements came as corporate and
The central bank is expected to tighten selective credit controls for a third time at its quarterly meeting next week, as the property market continues to heat up, the chief economists at Cathay United Bank (國泰世華銀行) and SinoPac Financial Holdings Co (永豐金控) said yesterday.
Rising housing prices are a greater concern for the bank, taking precedence over inflation or the New Taiwan dollar’s exchange rate, Cathay United Bank chief economist Lin Chi-chao (林啟超) told a meeting in Taipei.
“Surging housing prices have prompted widespread criticism, with mortgages and construction loans combined hitting a record NT$11 trillion [US$396.51 billion], about 54 percent of
The Financial Supervisory Commission (FSC) yesterday demanded that all high-yield bond funds (高收益債券基金) be renamed “non-investment grade bond funds” (非投資等級債券基金) in Chinese within six months to avoid confusion or misunderstanding about the nature of the financial instrument, making Taiwan the first country to ditch the term high-yield bonds in Chinese-speaking markets.
High-yield bonds and non-investment grade bonds both refer to bonds with lower credit ratings below “BBB-” by Fitch Ratings or S&P and below “Baa3” by Moody’s. They are also called speculative bonds or junk bonds.
The use of the term “high-yield bond” in Chinese has led some investors
State-run Hua Nan Commercial Bank (華南銀行) yesterday said that it is to recruit information technology personnel to meet development needs, as technology is reshaping the banking industry and it is stepping up digital transformation to stay competitive.
The century-old bank said it is in need of specialists in Java programming, software development, project management and systems integration training.
Nearly 70 percent of corporations have assigned more importance to information technology talent in the post-COVID-19 period, with the percentage reaching a high 86 percent among financial institutions, Hua Nan said, citing a survey of chief information officers by technology Web site iThome.
Hua Nan