Chinatrust Financial Holding Co (中信金控), the nation’s third-largest financial services provider by assets, yesterday changed its English name to CTBC Financial Holding Co, taking its cue from international peers who have also simplified their titles, the company said in a statement.
The change, which has been approved by the Financial Supervisory Commission, is in line with a bid to strengthen its corporate image and brand awareness, the statement said. The conglomerate will maintain its Chinese name.
“With the name change, the company hopes to better distinguish itself from its peers, as it bids to become the No. 1 financial services provider,” CTBC Financial president Daniel Wu (吳一揆) said.
The alterations of company signboards, flags and other branded items will start with 68 overseas units, while the makeover of domestic offices will wait until they relocate or remodel, Wu said.
The company is in talks to sell its headquarters in Taipei’s Xinyi District (信義) and plans to move to Nangang District (南港) next year.
Several banking institutions in the region went through English name changes to make themselves better known on the international stage, including HSBC Bank from Hongkong and Shanghai Banking Corp, OCBC Bank from Oversea-Chinese Banking Corp and SMBC from Sumitomo Mitsui Banking Corp, the statement said.
Compared with domestic rivals, CTBC Financial is better internationalized, with eight branches in 11 markets including the US, Canada, Japan, Indonesia, China, Singapore, India, Thailand, Vietnam, Hong Kong and the Philippines, the statement said.
The company is well positioned to serve its customers at home and overseas through its subsidiaries: CTBC Bank (中信銀), CTBC Life Insurance Co (中信人壽), CTBC Securities Co (中信證), CTBC Venture Capital Co (中信創投) and CTBC Investments Co (中信信託), the statement said, adding that Taiwan Lottery Corp (台灣彩) is the only subsidiary that will retain its English and Chinese titles.
The English name change will not affect the benefits of existing customers or the operations of any units, the conglomerate said.
The company has won many awards this year in recognition of its corporate governance, wealth management and banking services, and investors relations, the statement said.