Taipei Fubon Commercial Bank (台北富邦銀行) has obtained regulatory approval to merge with Jih Sun International Bank (日盛銀行), after parent Fubon Financial Holding Co (富邦金控) completed its acquisition of Jih Sun Financial Holding Co (日盛金控) in November last year.
After the deal takes effect on April 1, Jih Sun International Bank would cease to exist and Fubon would become the nation’s third-largest bank in terms of assets, the Financial Supervisory Commission said on Tuesday.
Taipei Fubon Bank’s assets would expand to NT$4.27 trillion (US$140.77 billion) from NT$3.99 trillion, behind Bank of Taiwan’s (臺灣銀行) NT$5.95 trillion and CTBC Bank Co’s (中信銀行) NT$4.57 trillion, the commission said.
Photo: CNA
Taipei Fubon and Jih Sun Bank said the merger would provide wider business deployment and allow for better customer services.
They also expect it to help promote resource integration and increase market competitiveness.
Taipei Fubon Bank would retain all employees and 44 branches of Jih Sun Bank, raising its total number of branches to 179, the largest among private banks and the fifth-largest among all banks, Banking Bureau Chief Secretary Hou Li-yang (侯立洋) said.
It would also boost its market shares in the deposit and loan businesses in Taiwan, Hou said.
Taipei Fubon Bank posted a record net profit of NT$22.64 billion last year, up 21 percent year-on-year, thanks to higher fee incomes and investment gains.
However, Fubon Financial’s pre-tax profit of NT$60.6 billion last year fell short of market expectations, as its insurance arm was burdened by COVID-19-related claims, regulatory filings showed last week.
Fubon Financial last week announced that it would recruit 6,500 people to meet increasing demand for the company and its subsidiaries’ services.
The new openings range from overseas business development to information technology and security, data analytics, customer service and risk management, the company said.
The company would also recruit 50 to 60 management associates, it said.
The new hires are to start working in March, it added.
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01