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.
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