The financial holding company law (金融控股公司法) could be passed by April, said Finance Minister Yen Ching-chang (顏慶章) on Wednesday.
"The draft of the financial holding company law is currently under review at the Executive Yuan. It will then be sent to the Legislative Yuan. We expect it could be passed and become law by April at the earliest," said Yen at a seminar on the current situation of financial holding companies in the US and Japan and the future development of Taiwan's financial sector.
"Since most banks will hold their stockholders' meeting in May, the law could allow many domestic financial groups to establish a financial holding company in time," he added.
On Friday, the Ministry of Finance is slated to submit a draft of the regulations to the Executive Yuan which has the final say.
"If the financial holding company law gets the green light by the legislature by April, China Development Industrial Bank (
According to Liu, the bank would also start merging a number of financial institutions, including commercial banks, securities companies, and insurance firms. "Currently, we are negotiating with a number of candidates and are considering establishing a new trust firm," he said.
Taiwan's other financial groups are not sitting idly by after this latest development. Currently, some 20 domestic financial groups -- including Fubon (富邦), Linyuan (霖園), Shinkong (新光), President (統一) and Union (聯邦) -- reportedly have been gearing up to establish their financial holding company and are planning to use the holding company to take control of various financial services businesses.
Meanwhile, in the banking sector, such private banks as China Development Industrial Bank, Chinatrust Commercial Bank (中國信託商銀), International Commercial Bank of China (中國國際商銀), and United World Chinese Commercial Bank (世華聯合商銀), have said they are going to convert into financial holding companies. As for state-run banks, Land Bank of Taiwan (土地銀行), Taiwan Cooperative Bank (合作金庫), and Central Trust of China (中央信託局) are currently in a similar transformation process.
Among securities groups in Taiwan, Yuanta Core Pacific (
The government is aiming to recruit 1,096 foreign English teachers and teaching assistants this year, the Ministry of Education said yesterday. The foreign teachers would work closely with elementary and junior-high instructors to create and teach courses, ministry official Tsai Yi-ching (蔡宜靜) said. Together, they would create an immersive language environment, helping to motivate students while enhancing the skills of local teachers, she said. The ministry has since 2021 been recruiting foreign teachers through the Taiwan Foreign English Teacher Program, which offers placement, salary, housing and other benefits to eligible foreign teachers. Two centers serving northern and southern Taiwan assist in recruiting and training
WIDE NET: Health officials said they are considering all possibilities, such as bongkrekic acid, while the city mayor said they have not ruled out the possibility of a malicious act of poisoning Two people who dined at a restaurant in Taipei’s Far Eastern Department Store Xinyi A13 last week have died, while four are in intensive care, the Taipei Department of Health said yesterday. All of the outlets of Malaysian vegetarian restaurant franchise Polam Kopitiam have been ordered to close pending an investigation after 11 people became ill due to suspected food poisoning, city officials told a news conference in Taipei. The first fatality, a 39-year-old man who ate at the restaurant on Friday last week, died of kidney failure two days later at the city’s Mackay Memorial Hospital. A 66-year-old man who dined
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‘CARRIER KILLERS’: The Tuo Chiang-class corvettes’ stealth capability means they have a radar cross-section as small as the size of a fishing boat, an analyst said President Tsai Ing-wen (蔡英文) yesterday presided over a ceremony at Yilan County’s Suao Harbor (蘇澳港), where the navy took delivery of two indigenous Tuo Chiang-class corvettes. The corvettes, An Chiang (安江) and Wan Chiang (萬江), along with the introduction of the coast guard’s third and fourth 4,000-tonne cutters earlier this month, are a testament to Taiwan’s shipbuilding capability and signify the nation’s resolve to defend democracy and freedom, Tsai said. The vessels are also the last two of six Tuo Chiang-class corvettes ordered from Lungteh Shipbuilding Co (龍德造船) by the navy, Tsai said. The first Tuo Chiang-class vessel delivered was Ta Chiang (塔江)