SinoPac Financial Holding Co’s (永豐金控) board has agreed to a plan proposed by its banking unit to establish a representative office in China, the company said in a stock exchange filing yesterday.
Bank SinoPac (永豐銀行) is planning to open a liaison office in Nanjing and will soon submit its application to the Financial Supervisory Commission (FSC), the filing said.
Under financial regulations, Taiwanese banks can apply to set up representative offices in China to collect information and conduct research for future business expansion in the country. The Chinese liaison offices have to obtain regulatory permission from both sides of the Strait before they can be upgraded into branches.
On Thursday, the FSC approved applications from both Hua Nan Commercial Bank (華南銀行) and Cathay United Bank (國泰世華銀行) to upgrade their representative offices.
SinoPac Financial’s plan to launch a representative office in China represents the company’s latest move to expand into the Chinese market after its brokerage unit inked three agreements with its Chinese peers.
On Monday, SinoPac Securities Co (永豐金證券) signed a memorandum of understanding with China’s Guosen Securities Corp (國信證券) to cooperate in areas ranging from business exchange and personnel training.
It followed a strategic alliance pact signed on Aug. 12 with ICBC International Holdings Ltd (工銀國際控股), a Hong Kong subsidiary of the Industrial and Commercial Bank of China Ltd (中國工商銀行), and another deal with Shanghai Securities Co (上海證券) that was signed on July 28.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its materials management head, Vanessa Lee (李文如), had tendered her resignation for personal reasons. The personnel adjustment takes effect tomorrow, TSMC said in a statement. The latest development came one month after Lee reportedly took leave from the middle of last month. Cliff Hou (侯永清), senior vice president and deputy cochief operating officer, is to concurrently take on the role of head of the materials management division, which has been under his supervision, TSMC said. Lee, who joined TSMC in 2022, was appointed senior director of materials management and
Gudeng Precision Industrial Co (家登精密), the sole extreme ultraviolet pod supplier to Taiwan Semiconductor Manufacturing Co (台積電), yesterday said it has trimmed its revenue growth target for this year as US tariffs are likely to depress customer demand and weigh on the whole supply chain. Gudeng’s remarks came after the US on Monday notified 14 countries, including Japan and South Korea, of new tariff rates that are set to take effect on Aug. 1. Taiwan is still negotiating for a rate lower than the 32 percent “reciprocal” tariffs announced by the US in April, which it later postponed to today. The
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Nvidia Corp CEO Jensen Huang (黃仁勳) on Thursday met with US President Donald Trump at the White House, days before a planned trip to China by the head of the world’s most valuable chipmaker, people familiar with the matter said. Details of what the two men discussed were not immediately available, and the people familiar with the meeting declined to elaborate on the agenda. Spokespeople for the White House had no immediate comment. Nvidia declined to comment. Nvidia’s CEO has been vocal about the need for US companies to access the world’s largest semiconductor market and is a frequent visitor to China.
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