Taishin Financial Holdings Co (
"The lackluster performance of subsidiary Taiwan Securities (
The company hopes to achieve a profit of NT$7.23 billion (US$210 million) this year.
Lai expressed a bullish view regarding Taiwan Securities' future performance after the subsidiary's previous recapitalization success in raising NT$3 billion, which is expected to improve its credit rating and boost business.
Taiwan Securities president Lin Keh-hsiao (
"If the growth-momentum in the local stock market remains strong, Taiwan Securities should be able to meet its profit goal of between NT$1.1 billion and NT$1.2 billion this year," Lin said at the same press conference.
After writing off NT$5.1 billion in bad loans in the first half, Taishin Commercial Bank's (台新銀行) non-performing loan (NPL) ratio currently stands at 2.24 percent, Lai said, adding that the ratio will only grow to an estimated 2.5 percent if the government redefines the NPL ratio to include loans under observation.
According to Justin Tsai (蔡榮棟), general manager of wholesale banking group, Taishi Financial plans to take an aggressive move to tap into the greater China markets by soon applying for a government license to set up offices in China.
Despite heavy media speculation that Taishin Financial may rekindle the merger plan with Shin Kong Financial Holdings Co (新光金控) -- both are controlled by the Wu family, Taishin Financial's new president Julius Chen (陳淮舟) yesterday denied the likelihood.
"There's no such plan in the near term," he told reporters.
Taishin halted merger talks with Shin Kong Financial last July because of disagreements over the coverage of losses at Shin Kong's life insurance unit.
But a stock analyst yesterday said the merger plan is "imperative" for the future development of Taishin.
"Without an insurance unit, which is the most important source of capitals, Taishin's future development will be limited," said George Wu (
Wu added that, because Shin Kong Life Insurance Co (
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