Koos Group (
Chinatrust Commercial Bank (
"The Koos Group is keen on exploring the possibility" of a financial holding company, he said in an interview. "Obviously we see value in putting all the parts together." A holding company will allow the entities to make further acquisitions under one umbrella and cross-sell products.
Reorganizing financial units into a holding company may also help promote discipline among Koos Group units, some investors said, as Taiwan's slumping economy hurts even rich families like the Koos.
In June, Amvescap Plc, Europe's biggest publicly traded fund manager, bought 70 percent of the Koos' Grand Pacific Securities Investment Trust Co (
The Taiwanese economy shrank 2.35 percent in the second-quarter and Albert King, president of HSBC Investment Management Taiwan Ltd, forecast the economy may contract as much as 8 percent in the third quarter.
"These family groups have been leveraging their assets, they are facing difficulties," said King, who helps manage about NT$2.5 billion in investments.
Koos Group has NT$36 billion in assets, about 20,000 employees around the world and a controlling interest in at least 80 companies.
If the Koos Group does merge its financial units into one company, it will be the latest Taiwanese company to announce plans to do so ahead of the November enactment of a new law allowing the formation of holding companies that can acquire lenders, securities companies, insurers and money managers.
KGI Securities, which has units in Hong Kong, China, Korea, Thailand, and the Philippines, is looking to acquire other brokerages. KGI is in talks with Singapore's J.M. Sassoon Holdings Ltd to help expand its broker, asset management, investment banking and proprietary trading businesses.
"We are looking not just in Taiwan but throughout the region" for potential acquisitions, Koo said.
He said KGI was looking to expand its relationship with Deutsche Bank AG, whose asset management unit signed a joint venture with the Koos Group in August to offer investment services.
"We have plans to work closer together to initiate other business in the region," Koo said. KGI Securities was formerly known as China Securities Co Ltd.
FREEDOM OF NAVIGATION: The UK would continue to reinforce ties with Taiwan ‘in a wide range of areas’ as a part of a ‘strong unofficial relationship,’ a paper said The UK plans to conduct more freedom of navigation operations in the Taiwan Strait and the South China Sea, British Secretary of State for Foreign, Commonwealth and Development Affairs David Lammy told the British House of Commons on Tuesday. British Member of Parliament Desmond Swayne said that the Royal Navy’s HMS Spey had passed through the Taiwan Strait “in pursuit of vital international freedom of navigation in the South China Sea.” Swayne asked Lammy whether he agreed that it was “proper and lawful” to do so, and if the UK would continue to carry out similar operations. Lammy replied “yes” to both questions. The
‘OF COURSE A COUNTRY’: The president outlined that Taiwan has all the necessary features of a nation, including citizens, land, government and sovereignty President William Lai (賴清德) discussed the meaning of “nation” during a speech in New Taipei City last night, emphasizing that Taiwan is a country as he condemned China’s misinterpretation of UN Resolution 2758. The speech was the first in a series of 10 that Lai is scheduled to give across Taiwan. It is the responsibility of Taiwanese citizens to stand united to defend their national sovereignty, democracy, liberty, way of life and the future of the next generation, Lai said. This is the most important legacy the people of this era could pass on to future generations, he said. Lai went on to discuss
AMENDMENT: Climate change is expected to increase the frequency of high-temperature days, affecting economic productivity and public health, experts said The Central Weather Administration (CWA) is considering amending the Meteorological Act (氣象法) to classify “high temperatures” as “hazardous weather,” providing a legal basis for work or school closures due to extreme heat. CWA Administrator Lu Kuo-chen (呂國臣) yesterday said the agency plans to submit the proposed amendments to the Executive Yuan for review in the fourth quarter this year. The CWA has been monitoring high-temperature trends for an extended period, and the agency contributes scientific data to the recently established High Temperature Response Alliance led by the Ministry of Environment, Lu said. The data include temperature, humidity, radiation intensity and ambient wind,
SECOND SPEECH: All political parties should work together to defend democracy, protect Taiwan and resist the CCP, despite their differences, the president said President William Lai (賴清德) yesterday discussed how pro-Taiwan and pro-Republic of China (ROC) groups can agree to maintain solidarity on the issue of protecting Taiwan and resisting the Chinese Communist Party (CCP). The talk, delivered last night at Taoyuan’s Hakka Youth Association, was the second in a series of 10 that Lai is scheduled to give across Taiwan. Citing Taiwanese democracy pioneer Chiang Wei-shui’s (蔣渭水) slogan that solidarity brings strength, Lai said it was a call for political parties to find consensus amid disagreements on behalf of bettering the nation. All political parties should work together to defend democracy, protect Taiwan and resist