The rate of bank branch closures in Taiwan has increased as banks around the world continue to move their financial services online, Financial Supervisory Commission data released yesterday showed.
Bank branch closures last year reached 23, up from 11 in 2014, setting a new record for bank closures in the past five years, commission data showed.
Last year, state-run Taiwan Cooperative Bank (合作金庫銀行) closed 11 branches, HSBC Bank (Taiwan) Ltd (匯豐台灣商銀) cut four branches, Standard Chartered Bank (Taiwan) Ltd (渣打台灣銀行) slashed six branches, while ANZ Bank (Taiwan) Ltd (澳盛台灣商業銀行) shuttered two branches, the commission said.
At the same time, applications to open new branches are expected to continue declining, with the commission saying it is only expecting to review five applications this year when an annual registration begins next month.
Between 2007 and 2011, applications for new bank branches averaged at about 10 each year. However, the figure fell to one in 2013, five in 2014 and four last year, commission data showed.
The commission’s Banking Bureau said that many banks are no longer able to justify the cost of branches as more and more consumers adopt Web-based services.
While interest in opening new branches is waning among major domestic banks, the exceptions are industrial banks and credit unions in the midst of transitioning into commercial banks, smaller-scaled banks, and banks looking to aggressively step up their presence in consumer and retail financing operations, the bureau said.
INEXPENSIVE POWER: Group chairman Gautam Adani said 70% of the investment would go into energy transition, with a focus on green hydrogen India’s Adani Group is to invest more than US$100 billion over the next decade, most of it in the energy transition business, chairman Gautam Adani said yesterday, as the ports-to-energy conglomerate accelerates an already aggressive expansion plan. After founding the group in 1988 as a commodities trading business, the 60-year-old has ventured into multiple sectors, mainly in the infrastructure space and in line with the priorities of the government of Indian Prime Minister Narendra Modi. “As a group, we will invest over US$100 billion of capital in the next decade,” Adani, the world’s second-richest person, told the Forbes Global CEO Conference in
Foxconn Technology Group (富士康科技集團) is to invest US$1.75 million in a joint venture with PT Indika Energy Tbk to explore commercial electric vehicle (EV) and electric battery business opportunities in Indonesia, the Taipei-based company said yesterday. With the investment, Foxconn would hold a 40 percent stake in the joint venture, PT Foxconn Indika Motor, while PT Indika would own 60 percent. The collaboration is an extension of a memorandum of understanding signed in January by Indika Energy, Foxconn, Gogoro Inc (睿能創意) and others aiming to build an electric vehicle supply chain in Southeast Asia’s biggest economy. Gogoro, in which Foxconn owns a 0.76
PRICE POINT: While overall demand has lagged expectations, higher-priced iPhone 14 Pro models appear to attract more attention than entry-level versions, sources said Apple Inc is backing off plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize, people familiar with the matter said. The Cupertino, California-based company has told suppliers to pull back from efforts to increase assembly of the iPhone 14 product family by as many as 6 million units in the second half of this year, said the people, asking not to be named as the plans are not public. Instead, the company would aim to produce 90 million handsets for the period, about the same level as in the second half
StarLux Airlines Co (星宇航空) aims to turn a profit next year by expanding its passenger operations to North American and Southeast Asian markets and by increasing its cargo business, CEO and general manager Glenn Chai (翟健華) told a news conference in Taipei yesterday. The airline would offer new flights to Okinawa and Sapporo in Japan, as well as resume flights to Da Nang, Vietnam, at the end of next month to meet demand in the fourth quarter — a peak travel season, Chai said, adding that by that time, StarLux would be flying to a total of 13 destinations. It would