Taishin Financial Holding Co (
"The takeover will not happen this year, as there is still long way to go to the merger," Chang Hwa president Julius Chen (陳淮舟) said at a media event yesterday.
Business expansion and stabilizing employees' morale are Chang Hwa's priorities, Chen said, adding that neither side had touched on the issue of hiring financial advisers.
Chen, former president of Taishin Financial, became head of Chang Hwa in February and represents the financial group's holdings in the lender.
Taishin Financial currently has control over eight out of Chang Hwa's 15 board seats.
The financial group is required to offload a 2.5 percent stake in Chang Hwa by June 15 after it failed to meet the industry regulator's financial requirements in stepping up its shareholding to 30 percent by above-mentioned deadline.
The bank understood that Taishin Financial would dispose of those shares on the open market, Chang Hwa vice president William Lin (
Chang Hwa posted pre-tax earnings of NT$14.69 billion (US$443.6 million), or NT$2.87 per share, last year, while Taishin Financial had a net loss of NT$16.1 billion.
Profits this year are expected to stay similar to last year's, Chang Hwa's new spokesman James Shih (
The lender is expected to boost its fee income to 15 percent of total income from 12 percent, or NT$2.97 billion, last year, and hopes to obtain a long-awaited wealth management license in time to formally inaugurate the business in the second half of this year, Chen said.
Meanwhile, First Financial Holding Co (第一金控) said in a Taiwan Stock Exchange filing yesterday that it had not conducted any evaluation of a plan to buy shares in Taiwan Business Bank (台灣企銀), dismissing a report by the Chinese-language Commercial Times.
Citing First Financial chairman Michael Chang (張兆順), the report said that First Financial was considering to buy a 13.4 percent stake in Taiwan Business Bank from Mega Financial Holding Co (兆豐金控), which would make it the second-biggest shareholder in the bank, with a 15.8 percent stake.
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
BAD RAP: The exchange said Tatung had seriously breached shareholders’ rights and failed to give a satisfactory explanation of its board election dispute Tatung Co (大同) shares yesterday plunged by the maximum daily limit of 10 percent to NT$18.90, the lowest in three months, after the Taiwan Stock Exchange (TWSE) on Tuesday evening changed the company’s classification to a full-delivery stock effective tomorrow. The TWSE’s move follows the company’s failure to give a clear and satisfactory explanation of why it deprived dozens of shareholders of their voting rights during a board election at the annual shareholders’ meeting on Tuesday morning. Under the exchange’s regulations, investors are not allowed to engage in margin trading of a full-delivery stock, TWSE spokeswoman Rebecca Chen (陳麗卿) told
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in