State-run Taiwan Financial Holding Co (
Taiwan Financial will also become the largest megabank and conglomerate in Taiwan, overtaking Cathay Financial Holding Co (
Speaking at a ceremony ahead of the megabank's launch yesterday, Premier Chang Chun-hsiung (
Chang called the creation of Taiwan Financial a success in the face of "an impossible mission."
He said that Taiwan Financial would become the lender with the biggest market share in Taiwan -- 18 percent -- with NT$3.88 trillion in deposit savings and NT$3.24 trillion in corporate lending.
"Taiwan Financial will be an important force in the government's efforts to pursue financial market stability," Chang said.
Taiwan Financial chairman Tsai Jer-shyong (蔡哲雄) yesterday vowed to improve the megabank's international competitiveness "by boosting its capital efficiency, reducing costs and creating synergies through cross-selling" at 323 outlets under five subsidiaries -- including a planned securities company and life insurance company.
Tsai said Taiwan Financial's spectrum of talent and outlets put it in an excellent position to serve corporate clients with operations across Asia.
Tsai said that the bank sees the Chinese market as part of its global clientele base and hoped to enter Chinese markets if government restrictions are lifted.
Taiwan Financial will also seek strategic partnerships with foreign financial service providers to expand its product lines and services to cash in on the booming wealth management business.
Although he declined to reveal the lender's profit goal for next year, Tsai expressed confidence in Taiwan Financial's prospects, saying "the bank's income from first-year insurance premiums are expected to reach NT$20 billion by the year's end."
Taiwan Financial also elected 12 board members yesterday, including two representatives from the Bank of Taiwan, one from Land Bank, one from the Export-Import Bank, one independent director and seven other professionals.
The megabank has no plan to privatize in the near future, Tsai said.
"It's the government's call," he said.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) would not produce its most advanced technologies in the US next year, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. Kuo made the comment during an appearance at the legislature, hours after the chipmaker announced that it would invest an additional US$100 billion to expand its manufacturing operations in the US. Asked by Taiwan People’s Party Legislator-at-large Chang Chi-kai (張啟楷) if TSMC would allow its most advanced technologies, the yet-to-be-released 2-nanometer and 1.6-nanometer processes, to go to the US in the near term, Kuo denied it. TSMC recently opened its first US factory, which produces 4-nanometer
GREAT SUCCESS: Republican Senator Todd Young expressed surprise at Trump’s comments and said he expects the administration to keep the program running US lawmakers who helped secure billions of dollars in subsidies for domestic semiconductor manufacturing rejected US President Donald Trump’s call to revoke the 2022 CHIPS and Science Act, signaling that any repeal effort in the US Congress would fall short. US Senate Minority Leader Chuck Schumer, who negotiated the law, on Wednesday said that Trump’s demand would fail, while a top Republican proponent, US Senator Todd Young, expressed surprise at the president’s comments and said he expects the administration to keep the program running. The CHIPS Act is “essential for America leading the world in tech, leading the world in AI [artificial
REACTIONS: While most analysts were positive about TSMC’s investment, one said the US expansion could disrupt the company’s supply-demand balance Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) new US$100 billion investment in the US would exert a positive effect on the chipmaker’s revenue in the medium term on the back of booming artificial intelligence (AI) chip demand from US chip designers, an International Data Corp (IDC) analyst said yesterday. “This is good for TSMC in terms of business expansion, as its major clients for advanced chips are US chip designers,” IDC senior semiconductor research manager Galen Zeng (曾冠瑋) said by telephone yesterday. “Besides, those US companies all consider supply chain resilience a business imperative,” Zeng said. That meant local supply would
BIG INVESTMENT: Hon Hai is building the world’s largest assembly plant for servers based on Nvidia Corp’s state-of-the-art AI chips, Jalisco Governor Pablo Lemus said The construction of Hon Hai Precision Industry Co’s (鴻海精密) massive artificial intelligence (AI) server plant near Guadalajara, Mexico, would be completed in a year despite the threat of new tariffs from US President Donald Trump, Jalisco Governor Pablo Lemus said. Hon Hai, also known as Foxconn Technology Group (富士康科技集團), is investing about US$900 million in what would become the world’s largest assembly plant for servers based on Nvidia Corp’s state-of-the-art GB200 AI chips, Lemus said. The project consists of two phases: the expansion of an existing Hon Hai facility in the municipality of El Salto, and the construction of a
RSS