Banking on expectations of brisk fundraising activities by local companies, Standard Chartered Bank Taiwan said yesterday that it hopes to see a robust growth exceeding 30 percent in its wholesale banking business this year.
The unit, which saw annual revenue growth of no less than 30 percent last year, is targeting an even higher growth level this year, said Helen Hui (許穗華), senior executive vice president and head of client relations at Standard Chartered Taiwan's wholesale banking division.
Driving forces would include a recovery in the corporate bonds market and a booming securitization business this year, driven by local companies' and banks' tremendous fundraising needs to finance expansion or capital adequacy amid the problems with bad consumer debts, said John Kuang (匡奕柱), head of global markets at the bank's wholesale banking unit.
On the demand side, cash-rich Taiwanese institutional investors such as insurance companies and banks are seeking local investment targets that can offer decent yields, Kuang said.
The market consequently looks good in light of local investors' appetites and the liquidity factor, he said.
The British bank served as the book-runner in a NT$2.5 billion (US$76.7 million) sub-debt issuance for Ta Chong Bank (大眾銀行) and is currently a joint book-runner in the NT$1 billion unsecured bond issuance for Formosa Petrochemical Corp (台塑石化).
"We have a number of transactions in the pipeline right now," Hui said, declining to elaborate.
To strengthen the bank's presence in local and regional markets, Standard Chartered will not pass up any possible opportunity for mergers and acquisitions.
"We are always looking to expand, not only in Taiwan, but also regionally," as long as the deals can provide good investment returns and synergy options to the bank's existing business, Hui said.
The bank does not rule out acquiring local banks struggling to deal with the problem of bad credit and cash-card debts, she added.
Separately, Temasek Holdings Ltd, which controls US$63.5 billion in funds, announced on Tuesday that it plans to buy a 11.55 percent stake in Standard Chartered Plc, on top of its original shareholding of 0.07 percent, which would make the Singaporean firm the largest shareholder of the British bank.
Temasek Holdings is controlled by the Singaporean government
The sale is reported to be worth NT$4 billion.
"Asia is at an inflexion point, poised to open its markets and create opportunities for more than half of mankind. Standard Chartered, with its outstanding leadership, is well-positioned to capture this growth," Gan Chee-yen, Temasek's senior managing director for investments, said in a statement.
"Investing in the company is consistent with our strategy of investing in Asia's financial services sector and it is an important part of our ongoing efforts of achieving a balanced portfolio," he said.
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