Citibank Taiwan Ltd (台灣花旗) is expected to post better profits this year and plans to hire several hundred full-time employees, the bank’s new chairman, Victor Kuan (管國霖), said yesterday.
“The bank had NT$6.8 billion [US$211.2 million] in profits in the first five months of this year, [compared with] last year’s profit of NT$13 billion for the full year,” Kuan said as he took over as bank chairman from Morris Li (利明獻), who is slated to take over as president of Guangdong Development Bank (廣東發展銀行).
Following its acquisition of the Taipei-based Bank of Overseas Chinese (華僑銀行) in August, Citibank Taiwan will continue to invest in the local market, Kuan said, adding that major strategic alliances and investments in innovative financial services would be announced in the third quarter of this year.
“Our commitment to putting clients first and cultivating Taiwan’s market has never changed,” Kuan said.
In addition, Kuan said that Citibank Taiwan was set to expand its payrolls from the current number of about 5,000 employees by between 300 and 400 people this year, including professionals in corporate finance, credit card salespeople and wealth management specialists.
In related news, state-run Mega Financial Holding Co (兆豐金控), Hua Nan Financial Holding Co (華南金控) and First Financial Holding Co (第一金控) yesterday also bid farewell to their former chairmen as they welcomed new heads.
Mega Financial Holding’s new chairman, Mckinney Tsai (蔡友才), told a handover ceremony that his company was set to upgrade its representative office in Suzhou, China, to a branch office after it completes one year of operation there on Oct. 28.
Wang Rong-jou (王榮周) of Hwa Nan Financial also said that tapping the Chinese market would be his company’s first priority this year, while First Financial’s new chairman Joseph Tsai (蔡慶年) said that his company would not rule out buying shares in third and fourth-tier Chinese banks in the future.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
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
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
A Bollywood actor’s face tattooed on his arm, Sandeep Bacche’s devotion shocks few in India where stars enjoy semi-divine status, but even there the hallowed silver screen might be losing its shine to streaming services and pandemic fears. “Whenever things get better and theaters begin operations, I will watch three movies a day for sure just as a way to celebrate,” said the Mumbai rickshaw driver, who is recovering from the virus himself. However, others might not join the party. With cinemas shut for months due to a COVID-19 lockdown, and little prospect they will reopen soon, frustrated Bollywood producers have turned to