The Citigroup Inc, the world's largest financial service company, yesterday reshuffled its management in Asia for the second time in six months, promoting Chan Tze-ching (陳子政), country officer of Citibank Taiwan, to head the bank's global corporate investment banking in the greater China market.
"Taiwan has become [the firm's] biggest profit center in Asia," Chan told reporters yesterday, adding that, "2004 was also a record year for Taiwan with [the bank's] pre-tax revenues exceeding those in Hong Kong and South Korea."
Chan, who was formerly the bank's country officer in Hong Kong, will return to Hong Kong in the near future, and will also retain his position as chairman of the operating committee for the firm's Global Corporate and Investment Banking venture in greater China.
His replacement in Taiwan is yet to be decided, although he expressed hope that "the new appointment will be finalized in the next few weeks before the Chinese Lunar New Year [in mid February]."
"I'd like to recommend some suitable candidates [to take over my position] from the local talent pool, although the possibility of appointing an expatriate country officer isn't ruled out," Chan added, expressing the bank's commitment to the local financial market.
Vowing to spend one third of his future time in Taiwan, Chan said that, after assuming his new position, his priority will be the facilitation of a greater China platform to integrate banking businesses in China, Hong Kong and Taiwan.
He added that his Taiwan experience -- he replaced Eric Chen (陳聖德) in March 2003 -- will be a plus to his new position since he is now familiar with the Taiwan-China business model, after seeing increasing numbers of Taiwanese businesses in the manufacturing sector branch into Chinese markets.
"Taiwanese businesses have to set up shop in China to beef up their competitiveness against other Asian rivals," he said.
Chan also said that he plans to further cultivate financial talent in both Taiwan and Hong Kong in preparation for the opening up of China's service markets next year, when there will be the thirst for financial expertise.
"I believe the talent pool in Taiwan will outperform that in Hong Kong," he said.
Citigroup, in addition, yesterday announced that Richard Stanley will take the new role of chief executive officer for China, while Catherine Weir, country corporate officer for Hong Kong and China, will replace Stanley as head of global corporate investment banking for the ASEAN region, according to the bank's written statement.
Last June, Stanley left his job as country officer for China at the same time that Wier was promoted.
HSBC Holdings Plc and other overseas banks are also building businesses in China ahead of the opening of the nation's financial system at the end of next year, looking to tap its 1.3 billion citizens, who have US$1.5 trillion in savings.
``The opportunities in China are very big,'' said Helen Peng, a managing partner at Haiyuan Law Office in Shanghai. ``China has the most customers in the world, so the banks' business plans should make it the highest priority.''
New York-based Citigroup ranked eighth among firms arranging equity sales for Hong Kong and China-based companies last year, according to Bloomberg data, down from fourth in 2003.
Semiconductor shares in China surged yesterday after Reuters reported the US had ordered chipmaking giant Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) to halt shipments of advanced chips to Chinese customers, which investors believe could accelerate Beijing’s self-reliance efforts. TSMC yesterday started to suspend shipments of certain sophisticated chips to some Chinese clients after receiving a letter from the US Department of Commerce imposing export restrictions on those products, Reuters reported on Sunday, citing an unnamed source. The US imposed export restrictions on TSMC’s 7-nanometer or more advanced designs, Reuters reported. Investors figured that would encourage authorities to support China’s industry and bought shares
FLEXIBLE: Taiwan can develop its own ground station equipment, and has highly competitive manufacturers and suppliers with diversified production, the MOEA said The Ministry of Economic Affairs (MOEA) yesterday disputed reports that suppliers to US-based Space Exploration Technologies Corp (SpaceX) had been asked to move production out of Taiwan. Reuters had reported on Tuesday last week that Elon Musk-owned SpaceX had asked their manufacturers to produce outside of Taiwan given geopolitical risks and that at least one Taiwanese supplier had been pushed to relocate production to Vietnam. SpaceX’s requests place a renewed focus on the contentious relationship Musk has had with Taiwan, especially after he said last year that Taiwan is an “integral part” of China, sparking sharp criticism from Taiwanese authorities. The ministry said
US President Joe Biden’s administration is racing to complete CHIPS and Science Act agreements with companies such as Intel Corp and Samsung Electronics Co, aiming to shore up one of its signature initiatives before US president-elect Donald Trump enters the White House. The US Department of Commerce has allocated more than 90 percent of the US$39 billion in grants under the act, a landmark law enacted in 2022 designed to rebuild the domestic chip industry. However, the agency has only announced one binding agreement so far. The next two months would prove critical for more than 20 companies still in the process
CHANGING JAPAN: Nvidia-powered AI services over cellular networks ‘will result in an artificial intelligence grid that runs across Japan,’ Nvidia’s Jensen Huang said Softbank Group Corp would be the first to build a supercomputer with chips using Nvidia Corp’s new Blackwell design, a demonstration of the Japanese company’s ambitions to catch up on artificial intelligence (AI). The group’s telecom unit, Softbank Corp, plans to build Japan’s most powerful AI supercomputer to support local services, it said. That computer would be based on Nvidia’s DGX B200 product, which combines computer processors with so-called AI accelerator chips. A follow-up effort will feature Grace Blackwell, a more advanced version, the company said. The announcement indicates that Softbank Group, which until early 2019 owned 4.9 percent of Nvidia, has secured a
RSS