CTBC Bank

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CTBC Bank Co., Ltd.
中國信託商業銀行股份有限公司
Type Privately owned company
Industry Bank
Founded 1966
Headquarters Taipei, Taiwan
Area served Taiwan
Key people Governor: Mr. Jeffrey Koo Sr.
Chairman: Mr. Mike DeNoma
Parent Chinatrust Financial Holding
Website Chinatrust Commercial Bank Limited
CTBC Bank headquarter

CTBC Bank (Chinese: 中國信託商業銀行; pinyin: Zhōngguó Xìntuō Shāngyè Yínháng) is amongst the largest privately owned banks in Taiwan. It is controlled by the family of Koo Chen-fu.

History[edit]

It was established in 1966 under the name China Securities and Investment Corporation. In 1971, its name was changed to Chinatrust Investment Company Limited. In 1992, it was transformed into Chinatrust Commercial Bank.[1] In June 2013, it officially changed its name to CTBC Bank Co., Ltd.[2]

Up until 2009, the chairman of the company was Luo Lian-fu. He was succeeded in July 2009 by Michael (Mike) Bernard DeNoma, the first foreigner to take up the role.

The bank has subsidiaries in the Philippines, the United States, Canada, and Indonesia, foreign branch offices in Singapore, Hong Kong, India, Japan, and Vietnam, and foreign representative offices in London, Bangkok, Hanoi, Beijing, Manila, and Los Angeles.[1]

Philippine subsidiary[edit]

Chinatrust Philippines Commercial Bank Corp. is a subsidiary of Chinatrust Commercial Bank Corp. of Taiwan. It is listed on the Philippine Stock Exchange, but the majority of shares are held by Chinatrust Taiwan. In November 2000, Chinatrust Taiwan agreed to 63,526,127 shares of Chinatrust Philippines at P19 per share from a group of shareholders led by then-President William Go, increasing its shareholding from 57.5% to 91%.[3][4] However, there was some uncertainty surrounding this transaction, as with a public float of less than 10% of shares outstanding, Chinatrust Philippines would have to be delisted.[4] In the end, Chinatrust Philippines was able to remain listed by declaring its intention to issue more shares through a secondary market offering, and paying fines to the exchange in the meantime. However in 2012, CCB has beed delisted from the Philippine Stock Exchange. [5]

Chinatrust Philippines' president is Mark Chen.[6] Its 23 branches give it one of the most extensive branch networks among foreign-owned banks in the Philippines.[7]

United States subsidiary[edit]

CTBC Bank Corp. (USA) was one of the first Asian American banks to operate both in the Eastern and Western United States.[citation needed] Services provided include issuance of letters of credit as well as real estate and construction loans. It has branches in:

  • Southern California: City of Industry, Irvine, Monterey Park, San Gabriel, San Marino, Downtown Los Angeles (Head Office), Rowland Heights
  • Northern California: Cupertino, Milpitas
  • New Jersey: Edison
  • New York: Brooklyn, Flushing

See also[edit]

References[edit]

  1. ^ a b About Chinatrust, Chinatrust Commercial Bank, retrieved 2011-03-31 
  2. ^ http://chinapost.com.tw/taiwan/business/2013/06/26/382129/Chinatrust-Bank.htm
  3. ^ Torrijos, Elena R. (2000-11-27), "Taiwan bank buys out local partners", Philippine Daily Inquirer, retrieved 2000-11-30 
  4. ^ a b Torrijos, Elena R. (2000-11-30), "Chinatrust to sell 34% stake to Taipei-based parent firm", Philippine Daily Inquirer, retrieved 2010-11-30 
  5. ^ "Bank to remain listed", Philippine Daily Inquirer, 2000-12-11, retrieved 2010-11-30 
  6. ^ "Board of Directors". Chinatrust Commercial Bank (Philippines). Retrieved 20 April 2013. 
  7. ^ "Chinatrust Philippines nets P234 million", Manila Bulletin, 2010-06-24, retrieved 2010-11-30 

External links[edit]