Mega International Commercial Bank (兆豐銀行), the banking arm of state-run Mega Financial Holding Co (兆豐金控), yesterday announced a plan to offer customers high interest rates on US dollar-based time deposits made online.
The bank made the move in a bid to win and retain customers, after the Financial Supervisory Commission yesterday issued three Web-only bank licenses, formally allowing non-banking rivals to compete for banking business.
With a focus on corporate banking, the most profitable state-run lender has increasingly appreciated the need to acquire new customers, especially young people who like to transact via laptops and mobile devices.
Toward that end, Mega International is to provide interest rates of 7 percent on US-dollar time deposits for online savings and trust fund accounts during business hours from Monday to Wednesday next week.
The high interest rates would last for two months and would counteract interest rate cuts by the US Federal Reserve expected later this week.
Potential customers need only post a deposit of US$1,000 to qualify for the rate, while other banks require much higher thresholds as they attempt to woo affluent clients.
The low threshold is intended to help the bank reach salaried clients who would be pursued by Web-only lenders once they start to operate next year, Mega International said in a statement.
US dollar savings are the best defense in times of uncertainty, the lender said.
The proposition would demonstrate that wealth management is not as difficult or complicated as people believe, it added.
Mega International in the first half of the year outperformed its peers in terms of syndicated loans with a 9.55 percent market share, according to a survey by Thomson Reuters.
It was followed by Land Bank of Taiwan (土地銀行) with 8.66 percent and Bank of Taiwan (臺灣銀行) with 7.02 percent, the survey showed.
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