Former deputy finance minister Liu Teng-cheng (劉燈城) yesterday took over as chairman of Taiwan Cooperative Bank (合作金庫銀行), vowing to expand the bank’s fee income-based businesses while seeking to acquire smaller rivals.
“We do not rule out facilitating the bank’s expansion through the acquisition of other banks,” Liu said at a ceremony marking the handover of the company’s reins yesterday morning.
When asked if his bank were interested in creating a financial holding company, Liu told reporters that there was “a possibility as long as synergies can be created.”
As one of the largest commercial banks in Taiwan, with the government controlling a stake of around 40 percent, the lender has a strong market position, good liquidity and an extensive retail network.
Liu said although the bank’s 301 outlets nationwide helped make it the world’s 153rd-largest, the large number of branches also added to its cost burden.
“Our priority now is to take advantage of our outlets to create more value for shareholders,” Liu said.
Taiwan Cooperative had previously planned to sell its licenses to open more than 10 new outlets, but is proposal was rejected by the nation’s financial regulator.
Liu said he would consider opening new branches in the near future.
He set a target of NT$54.5 billion for next year’s banking revenues, from an estimated NT$47.7 billion for this year, while aiming to meet the regulator’s goal of exceeding a 1 percent return on assets (ROA).
Meanwhile, Taiwan Cooperative president Lin Tien (林田) said yesterday the bank’s plan to team up with Cardif Assurance Vie (法國巴黎人壽) to create a joint insurance venture could be facilitated by the year’s end.
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