The Financial Supervisory Commission (FSC) yesterday said First Commercial Bank (第一商業銀行) was the best performer among eight state-run banks over the past two years, while Taiwan Cooperative Bank (合作金庫銀行) and Taiwan Business Bank (台灣企銀) were the worst.
The commission released the results of its investigation of the banks during a question-and-answer session at a meeting of the legislature’s Finance Committee in response to requests by Chinese Nationalist Party (KMT) Legislator Alex Fai (費鴻泰).
“We have been inspecting local banks over the last two years in terms of four aspects: financial health, legal compliance, consumer protection and risk control,” Financial Examination Bureau Director-General Jong Huey-jen (鍾慧貞) told the committee.
Taiwan Cooperative Bank — which belongs to Taiwan Cooperative Financial Holding Co (合作金控) — and Taiwan Business Bank fared poorly, but for different reasons.
Jong said Taiwan Cooperative Bank had a hard time integrating company culture after it acquired Farmers Bank of China (中國農民銀行) and several credit unions. It also had some problems with legal compliance and risk control as it tried to boost its business, Jong said.
Taiwan Business Bank’s focus on small and medium-sized enterprises (SMEs) made it inclined to adopt looser credit measures with certain clients, Jong said.
However, both banks have been working on their shortcomings, Jong added.
The inspection may help the banks to identify their management problems and accelerate the pace of their improvement, the commission said, adding that it had increased the frequency of inspections for lower-ranked banks.
In related news, Minister of Finance Chang Sheng-ford (張盛和) said yesterday that he was still optimistic that an amendment to the Income Tax Act (所得稅法) on the capital gains tax in securities investments may be passed by the legislature before the current session ends.
“We do not have to be pessimistic, as the situation is far from desperate,” Chang told reporters.
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