State-run Mega International Commercial Bank (兆豐銀行) yesterday established a private banking unit aimed at high-net-worth clients, an arena that has gained importance, as lenders compete to grow their market share.
Lei Chung-dar (雷仲達), chairman of Mega International and its parent group Mega Financial Holding Co (兆豐金控), said he is serious about the private banking unit, which was created to meet the standards of foreign banking groups, especially peers in Singapore and Hong Kong.
Many first-generation business owners in Taiwan have accumulated sizable wealth after decades of hard work and have asset allocation, retirement planning and business succession needs, among other things, Lei said.
Photo courtesy of Mega International Commercial Bank
To meet the requirements of high-end clientele, the private banking sector has become a battleground for financial players, and Mega International would not be sitting out, he said.
The lender would seek to gain a better understanding of this group of people, and come up with solutions and services by learning from banks in Singapore and Hong Kong, as they tapped into this market a long time ago, Lei said.
The lender’s private banking division is a positive response to the Financial Supervisory Commission urging domestic banks to not stay on the sidelines, he said.
While high-net-worth individuals make up only 5 percent of the lender’s clients, their assets account for 20 percent of its assets, Mega International head of private banking Chen Chou-rong (陳昭蓉) said.
The private banking unit would also provide inheritance planning and wealth management services, she added.
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