Cathay Securities Co (國泰證券), the brokerage arm of Cathay Financial Holding Co (國泰金控), yesterday said it was sticking to its expansion plan despite a recent slump on the local bourse.
Cathay Securities said it would open its ninth branch by the end of next month in Taoyuan County as planned.
Earlier this year, the company established three new branches in Taipei, New Taipei City (新北市) and Greater Tainan.
The company’s decision to stick to its expansion plan contrasts sharply with the cost-cutting actions taken by its domestic competitors amid a downcycle on the stock market caused mainly by concern over a proposed securities capital gains tax and the eurozone debt crisis.
The average daily turnover on the local stock market last month fell 24 percent from the previous month to NT$75.8 billion (US$2.55 billion). On Monday, turnover fell to about NT$45.62 billion, which was a 40-month low.
The weighted index has also fallen 10.6 percent since the beginning of March, according to Taiwan Stock Exchange data.
Since Stanley Chu (朱士廷), a former vice president of the exchange, took over the helm of Cathay Securities in May last year, he has been determined to expand the company’s business and seek a larger share of the domestic market, the company said.
The brokerage said it aims to make good use of the broad network of its parent company, Cathay Financial — in particular the 159 branches of Cathay United Bank (國泰世華銀行) nationwide — to penetrate the local market.
Investors can open securities trading accounts at branches of Cathay United Bank, which is the banking arm of Cathay Financial, according to the brokerage.
So far, Cathay Securities said it holds a little more than 1 percent of the local securities business.
The company said it is also gearing up to compete in the underwriting field.
Cathay Securities is currently advising four companies on their listings on the GRETAI Securities Market.
The company is also acting as an underwriter for two overseas registered firms on their primary listings on the Taiwan Stock Exchange, which are scheduled for the third quarter of the year.
It is also acting as an underwriter for three local firms that plan to list by the end of the year.
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