The Industrial and Commercial Bank of China (ICBC, 中國工商銀行) — the world’s biggest bank, with market capitalization of US$268 billion — has no interest in Taiwan’s market, which has a narrow net interest margin, but is poised to join forces with Taiwanese peers to take on greater business opportunities throughout Asia, ICBC chairman Jiang Jianqing (姜建清) told a forum in Taipei yesterday.
“We should cooperate to jointly tap into the financial market in Asia,” he said during a keynote speech.
However, Jiang yesterday denied media speculation that his bank struck a deal with Cathay Financial Holding Co (國泰金控) — the nation’s biggest financial services provider — to take up a 50 percent stake in Cathay Financial’s Shanghai-based life insurance arm during a visit to the Taipei-based company’s chairman Tsai Hung-tu (蔡宏圖) on Monday.
“That’s not the case,” Jiang told reporters before rushing out of yesterday’s forum.
The Chinese-language Commercial Times yesterday reported that ICBC plans to take over the 50 percent stake from Beijing’s state-run China Eastern Airlines Corp (東方航空), which is the other stakeholder in Cathay Financial’s Shanghai-based life insurance joint venture, for 400 million yuan (US$58.5 million).
The partnership is pending final approval from the Chinese bank’s board and shareholders as well as regulatory approval from the China Banking Regulatory Commission, the report said.
Should the partnership be secured, Cathay Financial will benefit from ICBC’s outlets, boosting life insurance sales in the Chinese market, it said. Meanwhile, Charles Lo (羅聯福), chairman of Chinatrust Commercial Bank (中信銀), a subsidiary of Chinatrust Financial Holding Co (中信金控), yesterday told reporters that his bank prefers to set up a wholly owned subsidiary in China once Taiwanese banks are allowed to enter the Chinese market.
PROTECTIONISM: China hopes to help domestic chipmakers gain more market share while preparing local tech companies for the possibility of more US sanctions Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence (AI) chips instead of Nvidia Corp products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions. Chinese regulators have been discouraging companies from purchasing Nvidia’s H20 chips, which are used to develop and run AI models, sources familiar with the matter said. The policy has taken the form of guidance rather than an outright ban, as Beijing wants to avoid handicapping its own AI start-ups and escalating tensions with the US, said the sources, who asked not to be identified because the
Taipei is today suspending its US$2.5 trillion stock market as Super Typhoon Krathon approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed-income trading, statements from its stock and currency exchanges said. Yesterday, schools and offices were closed in several cities and counties in southern and eastern Taiwan, including in the key industrial port city of Kaohsiung. Taiwan, which started canceling flights, ship sailings and some train services earlier this week, has wind and rain advisories in place for much of the island. It regularly experiences typhoons, and in July shut offices and schools as
Her white-gloved, waistcoated uniform impeccable, 22-year-old Hazuki Okuno boards a bullet train replica to rehearse the strict protocols behind the smooth operation of a Japanese institution turning 60 Tuesday. High-speed Shinkansen trains began running between Tokyo and Osaka on Oct. 1, 1964, heralding a new era for rail travel as Japan grew into an economic superpower after World War II. The service remains integral to the nation’s economy and way of life — so keeping it dazzlingly clean, punctual and accident-free is a serious job. At a 10-story, state-of-the-art staff training center, Okuno shouted from the window and signaled to imaginary colleagues, keeping
Arm Holdings PLC approached Intel Corp about potentially buying the ailing chipmaker’s product division, only to be told that the business is not for sale, according to a source with direct knowledge of the matter. In the high-level inquiry, Arm did not express interest in Intel’s manufacturing operations, said the source, who asked not to be identified because the discussions were private. Intel has two main units: A product group that sells chips for personal computers, servers and networking equipment, and another that operates its factories. Representatives for Arm and Intel declined to comment. Intel, once the world’s largest chipmaker, has become the
RSS