Mon, May 13, 2019 - Page 16 News List

Taiwan Business Bank to shorten its hours from July 1

By Crystal Hsu  /  Staff reporter

State-run Taiwan Business Bank (台灣企銀) is planning to shorten its business hours at two branches as clients increasingly prefer to conduct transactions over the Internet.

From July 1, Taiwan Business Bank aims to move its closing time from 5pm to 3:30pm at its branches on Nanjing E Road in Taipei and in Taichung’s Situn District (西屯), Chinese-language media reports said.

State-run banks used to close at 3:30pm, but in 2010, to better compete against foreign and private lenders, they extended services at some branches to 5pm at the request of lawmakers and financial authorities.

The benefits of extended hours have proved insignificant, Taiwan Business Bank said in reply to an inquiry from the Taiwan Federation of Financial Unions (全國金融聯合會), reports said.

Few people visit during the extended hours, which require a considerable increase in overtime pay and security commitments, the lender said.

Other state-run lenders might follow suit, as the prevalence of online banking weakens the cost-efficiency of physical branches.

Mega International Commercial Bank (兆豐銀行) has said it would halt extended hours, while First Commercial Bank (第一銀行), Chang Hua Commercial Bank (彰化銀行) and Land Bank of Taiwan (土地銀行) have said they are assessing similar changes.

State-run banks need approval from regulators to adjust their business hours.

Privately owned banks have more flexibility with business hours.

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