State-run Mega International Commercial Bank (兆豐銀行) yesterday established a private banking unit aimed at high-net-worth clients, an arena that has gained importance, as lenders compete to grow their market share.
Lei Chung-dar (雷仲達), chairman of Mega International and its parent group Mega Financial Holding Co (兆豐金控), said he is serious about the private banking unit, which was created to meet the standards of foreign banking groups, especially peers in Singapore and Hong Kong.
Many first-generation business owners in Taiwan have accumulated sizable wealth after decades of hard work and have asset allocation, retirement planning and business succession needs, among other things, Lei said.
Photo courtesy of Mega International Commercial Bank
To meet the requirements of high-end clientele, the private banking sector has become a battleground for financial players, and Mega International would not be sitting out, he said.
The lender would seek to gain a better understanding of this group of people, and come up with solutions and services by learning from banks in Singapore and Hong Kong, as they tapped into this market a long time ago, Lei said.
The lender’s private banking division is a positive response to the Financial Supervisory Commission urging domestic banks to not stay on the sidelines, he said.
While high-net-worth individuals make up only 5 percent of the lender’s clients, their assets account for 20 percent of its assets, Mega International head of private banking Chen Chou-rong (陳昭蓉) said.
The private banking unit would also provide inheritance planning and wealth management services, she added.
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