Citigroup Inc plans to recapitalize its local brokerage -- Citigroup Securities Investment Consulting Inc (花旗證券) -- with an investment of NT$2 billion, said Stanley Fischer, vice chairman of the world's largest credit card issuer.
Fisher made the remark on Monday at the lender's headquarters in New York while receiving a delegation led by Minister of Finance Lin Chuan (
Fischer said that the US bank counts Taiwan as one of the top 10 markets in its global expansion strategies and is bullish about the potential growth in its financial derivative markets.
Lin is leading a 46-member delegation of financial officials and entrepreneurs to the US East Coast this week to promote investment in Taiwan.
According to Citigroup, its Taipei unit contributes at least NT$8 billion of profit annually to the parent company.
Fisher told Lin that the bank is interested in putting down future investments on Taiwan's bad loans while expressing his optimism in the nation's economic recovery.
The bank will soon set up a special task force to study Taiwan's bad-loan market and come up with acquisition and investment strategies, Fisher said.
He also vowed to contribute his company's financial expertise in banking, securities and insurances, in order to assist the government's efforts to facilitate a unified financial supervisory system.
Chan Tze-ching (陳子政), head of Citibank Taiwan, also expressed confidence in Taiwan's financial potential, saying the government's deregulatory move to scrap restrictions on qualified foreign institutional investors is on the right track.
Chan added that Taiwan should take full advantage of its capabilities in creating wealth and make the best use of its abundant capitals to grab a sizeable market share in the greater Chinese capital markets.
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