Insurance giant Cathay Life In-surance Co (
The Cathay Financial Holding Company (
Application for approval of the merged firm will soon be submitted to the Ministry of Finance.
The ministry, which starts taking applications of financial holdings companies on Nov. 1, has said it expected to see 12 applications in the initial period.
Several financial institutions are to consolidate in order to form financial holdings firms, including Fubon Insurance Co (
Taiwan authorities have said the financial sector had to consolidate to improve profit margins and increase competitiveness.
Competing in Taiwan's overcrowded financial market are 53 domestic banks, 360 grassroots institutions and 38 foreign banks.
More consolidation and integration in the financial sector are expected in two years as the nation comes under pressure to streamline the industry in the face of a wobbly economy, Minister of Finance Yen Ching-chang (
Outside competitive pressures are also growing as institutions begin to prepare for Taiwan's entry into the WTO -- a move that will bring tougher foreign competition.
Analysts said the long-expected changes to the overcrowded sector would strengthen competitiveness over the long term, but that it will take at least one to two years before a leaner industry emerges.
"The design of setting up financial holding companies has opened a door to upgrade competitiveness of the financial industry," said Chen Chung-hsing (
"But it is not the only answer," he said.
ECONOMIC RESILIENCE: Only 11.4 percent of Taiwan’s overseas investments last year were in China, and businesses are dispersing their investments elsewhere, Lai said China’s ambition to annex Taiwan is based on a desire to change the rules-based international order, rather than a desire for territorial gains, President William Lai (賴清德) said in an interview. During an appearance on the talk show The View With Catherine Chang, aired last night, Lai said China aimed to achieve hegemony, and that peace and stability in the Taiwan Strait was an issue of worldwide concern. During the interview, Lai also discussed his “four-pillar plan” for peace and prosperity, which he first outlined in an article published by the Wall Street Journal on July 4 last year. That
‘REGRETTABLE’: TPP lawmaker Vivian Huang said that ‘we will continue to support Chairman Ko and defend his innocence’ as he was transferred to a detention facility The Taipei District Court yesterday ruled that Taiwan People’s Party (TPP) Chairman Ko Wen-je (柯文哲) be detained and held incommunicado over alleged corruption dating to his time as mayor of Taipei. The ruling reversed a decision by the court on Monday morning that Ko be released without bail. After prosecutors on Wednesday appealed the Monday decision, the High Court said that Ko had potentially been “actively involved” in the alleged corruption and ordered the district court to hold a second detention hearing. Ko did not speak to reporters upon his arrival at the district court at about 9:10am yesterday to attend a procedural
Thirty Taiwanese firms, led by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and ASE Technology Holding Co (日月光投控), yesterday launched a silicon photonics industry alliance, aiming to accelerate the medium’s development and address the energy efficiency of artificial intelligence (AI) devices like data centers. As the world is ushering in a new AI era with tremendous demand for computing power and algorithms, energy consumption is emerging as a critical issue, TSMC vice president of integrated interconnect and packaging business C.K. Hsu (徐國晉) told a media briefing in Taipei. To solve this issue, it is essential to introduce silicon photonics and copackaged optics (CPO)
The High Court yesterday overturned a Taipei District Court decision to release Taiwan People’s Party Chairman Ko Wen-je (柯文哲) and sent the case back to the lower court. The Taipei District Prosecutors’ Office on Saturday questioned Ko amid a probe into alleged corruption involving the Core Pacific City development project during his time as Taipei mayor. Core Pacific City, also known as Living Mall (京華城購物中心), was a shopping mall in Taipei’s Songshan District (松山) that has since been demolished. On Monday, the Taipei District Court granted a second motion by Ko’s attorney to release him without bail, a decision the prosecutors’ office appealed
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