China Development Industrial Bank (中華開發銀行) said yesterday it has applied at the Ministry of Finance to set up a financial holding company, making it one of nine domestic financial institution to make this move on the same day.
The bank, which announced on Oct. 25 its plan to take over closely-held First Taiwan Securities Co (
The bank's chairman Liu Tai-ying (
The finance ministry began taking applications from domestic financial institutions yesterday for the establishment of financial holding companies, hoping such a move will help strengthen Taiwan's financial sector ahead of the nation's entry into the World Trade Organization.
According to the ministry, nine domestic financial institutions filed applications yesterday, including China Development Bank, First Commercial Bank (第一銀行), E. Sun Commercial Bank (玉山銀行), Hua Nan Commercial Bank (華南銀行), Bank Sinopac (華信銀行), the Fubon Group (富邦銀行), Chinatrust Commercial Bank (
Insurance giant Cathay Life Insurance Co (國泰人壽) said it is scheduled to submit an application to the ministry Monday, local media reported yesterday.
Cathay Life announced recently that it will acquire Capital Securities Corp (群益證券), Cathay United Bank (匯通銀行) and Tong Tai Insurance Co (東泰產險) for the formation of a financial holding company.
While more applications are expected to be tendered to the ministry, Taiwan can support about five or six financial holding companies, China Development Bank's Liu said. His words indicated that mergers among the holding companies should be expected in the second stage of development.
Indeed Minister of Finance Yen Ching-chang (顏慶章) said yesterday that Taiwan is likely to have no more than 10 financial holding companies during the second stage of the nation's bank restructuring.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government