CHB intends to keep targets for business growth
PROFITABILITY BOOST: The state-run bank aims to expand its overseas operations and target domestic clients with high net worth, CHB said
By Crystal Hsu / Staff reporter
State-run Chang Hwa Commercial Bank (CHB, 彰化銀行) aims to keep business growth targets for this year unchanged as many economies around the world recover from the COVID-19 pandemic, the bank said yesterday.
“We strive to boost profitability this year as planned, being aware that the COVID-19 pandemic poses lingering uncertainty at home and abroad,” CHB spokesman Chen Bin (陳斌) told an online investors’ conference in Taipei.
Chen gave the cautiously optimistic outlook after the bank’s financial performance continued to disappoint in the first quarter of this year.
Taipei, June 1 (CNA) Taishin Financial Holding Co.'s plan to enter the life insurance business by acquiring Prudential Life Insurance Company of Taiwan Inc. has been approved by regulators, an official said Tuesday.
By Reuters Staff
1 Min Read
TAIPEI (Reuters) -Taiwan has given conditional approval for Taishin Financial Holding Co’s purchase of Prudential Financial Inc’s Taiwan unit, which it agreed to buy last year for T$5.5 billion ($199.41 million).
Taiwan’s Financial Supervisory Commission on Tuesday said it had granted approval on Monday but Taishin would have to place its stake in Chang Hwa Commercial Bank in a trust to guarantee its future capital needs. The U.S. insurer is exiting some Asian markets and in April last year sold its South Korean unit to KB Financial Group Inc for $1.89 billion.
($1 = 27.5980 Taiwan dollars)
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.