Shin Kong Financial Holding Co (
On Dec. 31, the bank is slated to merge with the company's Shin Kong Commercial Bank (新光銀行) to form one banking entity, renamed Taiwan Shin Kong Commercial Bank Company Ltd, or Shin Kong Bank in short.
Shin Kong Financial chairman Eugene Wu (
The financial-services provider is expected to raise its financial forecast for the year by 20 percent during a board meeting today.
Company spokesman Victor Hsu (許澎) said the whole-year sales target would jump from the previous goal of NT$6.1 billion (US$183.5 million) to a revised NT$7.35 billion.
After the inclusion of Macoto Bank, Shin Kong Financial would have a paid-in capital of NT$40.7 billion, a market value of NT$110 billion and total assets valued at NT$1.3 trillion. The company will remain the nation's seventh-largest financial-services provider by assets.
Winston Yung (
Macoto Bank yesterday reelected its board, which is comprised of 13 directors and two supervisors with Frank Hung (洪國超) serving as the chairman and president. The board also approved making former chairman Lin Cheng-yi (林誠一) the bank's honorary chairman, in appreciation of his contributions over the years.
"As Taiwan's financial sector has an over-banking problem, we'll differentiate our operations by providing more tailor-made products for customers, launching real-time services and establishing an effective platform to facilitate services," Hung said at a press conference.
Elaborating on the new banking unit's future developments, Shin Kong Bank president Lee Tseng-chang (李增昌) said that Macoto Bank's strength in consumer banking would greatly complement Shin Kong Bank's corporate banking in promoting diversified businesses.
Honda Motor Co absorbing Nissan Motor Co could give the two struggling Japanese brands the scale they need to take on China’s BYD Co (比亞迪), sales figures released yesterday showed. Honda, which earlier this week sketched out plans for a deal that amounts to an acquisition of Nissan, sold 3.43 million cars globally in the first 11 months of this year. Nissan said it sold just over 3 million. China’s biggest automaker BYD sold 3.76 million vehicles over the same period — a clear illustration of how Nissan and Honda are weak alone, but together might have a fighting chance. Honda and Nissan
SEMICONDUCTORS: Samsung and Texas Instruments would receive US$4.75 billion and US$1.6 billion respectively to build one chip factory in Utah and two in Texas Samsung Electronics Co and Texas Instruments Inc completed final agreements to get billions of US dollars of government support for new semiconductor plants in the US, cementing a major piece of US President Joe Biden administration’s CHIPS and Science Act initiative. Under binding agreements unveiled Friday, Samsung would get as much as US$4.75 billion in funding, while Texas Instruments stands to receive US$1.6 billion — money that would help them build facilities in Texas and Utah. The final deals mean the chipmakers can begin collecting the funding when their projects hit certain benchmarks. Though the terms of Texas Instruments’ final agreement is
Call it an antidote to fast fashion: Japanese jeans hand-dyed with natural indigo and weaved on a clackety vintage loom, then sold at a premium to global denim connoisseurs. Unlike their mass-produced cousins, the tough garments crafted at the small Momotaro Jeans factory in southwest Japan are designed to be worn for decades, and come with a lifetime repair warranty. On site, Yoshiharu Okamoto gently dips cotton strings into a tub of deep blue liquid, which stains his hands and nails as he repeats the process. The cotton is imported from Zimbabwe, but the natural indigo they use is harvested in Japan —
Printed circuit board (PCB) maker Global Brands Manufacture Ltd (精成科技) is to fully acquire Japanese peer Lincstech Co for about NT$8.4 billion (US$256.9 million) as the company aims to add high-end PCBs to its PC-centric product lineups. The company also expects the deal to help expand its manufacturing sites in Southeast Asia, as local firms diversify to mitigate geopolitical risks. “The acquisition will mean an important step for the company to further expand its presence in Southeast Asia and globally,” Global Brands Manufacture chief financial officer Weng Chia-yu (翁家玉) said at a news conference in Taipei yesterday. The company has set up manufacturing
RSS