The Export-Import Bank of the Republic of China (中國輸出入銀行) will no longer be part of the state-run Taiwan Financial Holding Co (臺灣金控) if the legislature passes a bill governing the organizational structure of the financial holding firm, the Ministry of Finance said yesterday.
The Cabinet approved yesterday a draft bill on the formation of Taiwan Financial, the nation’s largest financial service provider by assets.
The government formally launched the 100 percent state-owned financial holding firm on Jan. 2.
The ministry said that Taiwan Financial would apply for a capital reduction in line with the withdrawal of the Export-Import Bank.
The move would reduce Taiwan Financial’s total capital to US$78 billion from US$90 billion and its assets to US$150.8 billion from US$157 billion, the ministry said.
Taiwan Financial would be able to maintain its ranking as Asia’s 18th largest bank, but its global ranking would drop two notches to 91st, the ministry’s tallies showed.
As the government aims to develop Taiwan Financial into a global player, the ministry said that recruitment of civil servants would not be restricted by law (eg the Nationality Law), meaning foreign nationals or Taiwanese with dual citizenship would be allowed to sit on its board, the ministry said.
Taiwan Financial came into existence through the merger of the government-owned Bank of Taiwan (臺灣銀行), the Land Bank of Taiwan (士地銀行) the Export-Import Bank, BankTaiwan Life Insurance Co (臺銀人壽保險) and a Bank of Taiwan brokerage unit under the former Democratic Progressive Party government.
After the Chinese Nationalist Party (KMT) won the presidential election on March 22, the legislature’s Financial Committee approved a resolution on April 7 to remove the Export-Import Bank from the holding company as lawmakers reconsidered the small lender’s function in export credit insurance and corporate financing.
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