Fri, Jul 02, 2010 - Page 12 News List

Citibank expecting improved profits, to hire employees

PAYROLLCitibank Taiwan is set to expand its payroll from the current number of about 5,000 employees by between 300 and 400 jobs by the end of December

By Ted Yang  /  STAFF REPORTER

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.

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