Wed, Jan 15, 2014 - Page 13 News List

Mega bank to open fifth Thai branch

By Crystal Hsu  /  Staff reporter

State-run Mega International Commercial Bank (兆豐國際商銀), Mega Financial Holdings Co’s (兆豐金控) banking arm and main subsidiary, yesterday said it has gained Thailand’s approval to open a fifth branch that could start operations in the first half of the year.

Mega Bank, which owns 34 overseas outlets, 19 of which are in the Asia-Pacific region, said its aim is to become a regional financial service provider.

Minister of Finance Chang Sheng-ford (張盛和) and Financial Supervisory Commission Chairman William Tseng (曾銘宗) have said Mega Bank stands a better chance than other state-run lenders of achieving its goal, given its longer and wider international exposure.

The bank is due to report today to the finance ministry, its largest shareholder, a plan to increase its deposits and loans market share to 12 percent, from the current 7 percent, and total assets to NT$9 trillion (US$299 billion) from NT$3.1 trillion, local media said.

It also reported that Mega Financial plans to merge with other state-run peers, such as First Financial Holding Co (第一金控), Taiwan Cooperative Financial Holding Co (合庫金控), Hua Nan Financial Holding Co (華南金控), Changhwa Commercial Bank (彰化銀行) or Taiwan Business Bank (台灣企銀), with an aim to raise its global ranking to 120th place, from 177th place now.

Shares in Mega Financial remained the same at NT$24.65 yesterday.

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