In a ceremony to mark its 13th anniversary yesterday, Union Bank of Taiwan (
"We'll have to work hard this year on business integration with the bank we just bought. But we're confident that it will turn a loss into gain, or at least break even, within one year," Huang Chun-chung (
Union Bank outbid three other competitors in an auction early last month to acquire the poorly performing Chung Shing Bank for NT$7.108 billion (US$225 million), more than double the base price of NT$3 billion.
The purchase will boost the number of Union Bank branches from the current 40 to 87, the largest number of branches of any private bank, excepting financial holding companies' banking arms.
"In the short term, we hope to integrate information systems, personnel and corporate cultures so that business will run smoothly and profitably," said Lee Shian-chang (李憲章), Union Bank's president.
But the bank declined to elaborate on how the integration will be carried out or whether there will be layoffs.
Jeff Lin (
Lee said Union Bank will strive to become one of the nation's top three credit card issuers this year from its current fourth place position.
The bank currently has 2.84 million credit cards in circulation.
The bank will also focus on expanding its loan business. It has issued more than NT$10 billion in car loans and expects to be among the top three lenders in the country this year, Lee said.
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The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
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Taiwan’s food delivery market could undergo a major shift if Singapore-based Grab Holdings Ltd completes its planned acquisition of Delivery Hero SE’s Foodpanda business in Taiwan, industry experts said. Grab on Monday last week announced it would acquire Foodpanda’s Taiwan operations for US$600 million. The deal is expected to be finalized in the second half of this year, with Grab aiming to complete user migration to its platform by the first half of next year. A duopoly between Uber Eats and Foodpanda dominates Taiwan’s delivery market, a structure that has remained intact since the Fair Trade Commission (FTC) blocked Uber Technologies Inc’s
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