Thu, Feb 15, 2018 - Page 12 News List

Taiwan Cooperative to hire 450 new staff

COMPENSATION:New employees would receive monthly salary of NT$34,000 as trainees and would be paid NT$700,000 per year as regular staff, the firm said

By Crystal Hsu  /  Staff reporter

State-run Taiwan Cooperative Financial Holding Co (合庫金控) yesterday said it would hire 450 employees in the first half of this year to meet business demand as it seeks to bolster operations at home and abroad.

The bank-focused conglomerate made the plan known after hiring 285 employees last month and giving staff an average pay raise of 5.8 percent to retain talent and help stimulate domestic demand.

“Taiwan Cooperative Financial aims to expand its reach in Taiwan and on the world stage,” chairman Lei Chung-dar (雷仲達) said.

In particular, it would continue to support the government’s New Southbound Policy and increase its presence in Southeast Asia to create a win-win situation for customers and Taiwan Cooperative Financial, Lei said.

Lei, who took over as chairman on Nov. 24 last year, said the company managed to post a net income of NT$12.89 billion (US$439.3 million) for last year, or earnings per share of NT$1.48, despite a spike in bad loans linked to Kaohsiung-based Ching Fu Shipbuilding Co (慶富造船).

Taiwan Cooperative Bank (合庫銀行), the group’s main subsidiary and source of income, last year wrote off NT$1.71 billion in defaults for its share in the syndicated loan of NT$20.5 billion to Ching Fu.

The Ching Fu scandal has prompted the Ministry of Finance to replace top executives at Taiwan Cooperative Financial, First Financial Holding Co (第一金控) and Taiwan Business Bank (台灣企銀).

The Financial Supervisory Commission also handed down fines of between NT$2 million and NT$4 million to Ching Fu’s creditor banks for loose lending operations.

In addition, Taiwan Cooperative Bank recognized an extra bad debt of NT$1.63 billion to TransAsia Airways Corp (復興航空).

Taiwan Cooperative Bank, which has the greatest number of branches in Taiwan, would beef up corporate governance while pursuing business growth, Lei said.

New employees would receive a monthly salary of NT$34,000 as trainees and receive NT$700,000 in annual compensation as regular staff, the company said, adding that it is in need of people with international financing, legal compliance, information security, computer system and customer service skills.

Taiwan Cooperative Bank last year opened branches and outlets in Changsha, China; Melbourne, Australia; and Phnom Penh, Cambodia.

The bank plans to set up more outlets in Cambodia and increase its total number of overseas offices to 22, the company said, adding that its coverage ratio rose from 321.27 percent in late 2016 to 366.39 in December last year, while its capital adequacy improved to 13.42 percent, suggesting better asset quality.

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