Cathay Financial Holdings Co (國泰金控) topped all 14 local financial holding companies in operational efficiency this year, an annual survey conducted by the Taiwan Financial Management Association and the Chinese-language weekly Business Today (今周刊) magazine showed.
Thanks to the strong fundamentals of subsidiary Cathay Life Insurance Co (國泰人壽), Cathay Financial was able to retain its No. 1 ranking for the third consecutive year despite pressures from the US subprime mortgage crisis.
“The strengthening of corporate governance is very important especially amid a changing external environment,” Lee Chang-ken (李長庚), chief strategy officer at Cathay Financial, said yesterday.
Financial holding companies that have both banking and insurance entities again commanded the top three spots, with Fubon Financial Holding Co (富邦金控) and Shin Kong Financial Holding Co (新光金控) placing second and third respectively, the report showed.
State-controlled financial holdings focusing on corporate finance, such as First Financial Holding Co (第一金控) and Hua Nan Financial Holding Co (華南金控), moved up one and five spots to fourth and fifth places respectively. Mega Financial Holding Co (兆豐金控) maintained its No. 6 ranking.
First Financial rose in ranking from No. 10 in 2006 to No. 4 this year, because of the company’s organizational reform.
“This year’s results showed that the performance of government-controlled financial holding companies has become better compared with consumer-oriented holding companies such as Chinatrust Financial Holding Co (中信金控) and E. Sun Financial Holding Co (玉山金控),” Peng Jin-lung (彭金隆), chair of the risk management and insurance department at Shih Chien University, said yesterday.
E. Sun Financial Holding, which ranked No. 4 in 2006, fell to No. 7 last year and No. 8 this year.
Andy Liang (梁永煌), president of Business Today magazine, said the financial storms in recent years had made it increasing difficult for smaller financial holding companies to retain their positions in the market.
This year’s results showed that the performance of government-controlled financial holding companies has become better compared with consumer-oriented holding companies such as Chinatrust Financial Holding Co (中信金控) and E. Sun Financial Holding Co (玉山金控),” Peng Jin-lung (彭金隆), chair of the risk management and insurance department at Shih Chien University, said yesterday.
E. Sun Financial Holding, which ranked No. 4 in 2006, fell to No. 7 last year and No. 8 this year.
Andy Liang (梁永煌), president of Business Today magazine, said the financial storms in recent years had made it increasing difficult for smaller financial holding companies to retain their positions in the market.
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