The Cathay United Bank (國泰銀行) of the Linyuan Group (霖園集團) said it has changed its Chinese name from "Hueitung" to "Kuotai" and is planning to further expand its consumer banking services, Roger Lee (李明賢), chairman and CEO, announced at a ceremony held Wednesday.
Lee said Cathay United is now part of Cathay Financial Holding Co (國泰金控) and expects to see its customer base expanding to 8.5 million from the current 1.6 million.
Cathay Financial -- which already incorporated Cathay United, Cathay Life Insurance Co (國泰人壽) and Tong Tai Insurance Co (東泰產險) -- is currently the nation's largest financial holding company with total assets around NT$1.13 trillion.
With the inclusion of Cathay United, Cathay Financial will see its profit from consumer-banking services increasing from less than NT$5 billion to NT$26 billion over the next three years, Lee said.
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