CTBC Bank

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.

CTBC Bank Co., Ltd.
中國信託商業銀行股份有限公司
Privately owned company
IndustryBank
Founded1966
Headquarters,
Area served
Taiwan
Key people
Governor: Jeffrey Koo Sr.
Chairman: Chao Chin Tung
CEO: James Chen
ParentCTBC Financial Holding
WebsiteChinatrust Commercial Bank Limited

HistoryEdit

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]

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]

CTBC Bank was awarded by international professional agencies as Best Bank in Taiwan in Asiamoney and The Asset magazines.[citation needed] In the area of corporate banking, CTBC Bank was recognized by Global Finance and Asiamoney as the Best Foreign Exchange Bank in Taiwan,[citation needed] while Global Finance, The Asset, The Asian Banker, The Corporate Treasurer, and Global Trade Review magazines named CTBC Bank Taiwan’s Best Trade Finance Bank.[citation needed] CTBC Bank was awarded Best Retail Bank in Taiwan by The Asian Banker for the ninth time and was named Taiwan’s Best Wealth Management Bank in Euromoney for the eleventh time.[citation needed]

Philippine subsidiaryEdit

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%.[2][3] 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.[3] 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 been delisted from the Philippine Stock Exchange.[4]

Chinatrust Philippines' president is currently Steve Tsai.[5] Its 23 branches give it one of the most extensive branch networks among foreign-owned banks in the Philippines.[6]

United States subsidiaryEdit

CTBC Bank Corp. (USA) was one of the first Asian American banks to operate both in the Eastern and Western United States.[1] Services provided include issuance of letters of credit as well as real estate and construction loans. In November 2012, Noor Menai was named President & CEO.[7]

CTBC USA has its heaviest presence in Southern California with its main branch in Downtown Los Angeles, along with Industry, Arcadia, Irvine, Monterey Park, San Gabriel, San Marino, and Rowland Heights. Three locations are in the San Francisco Bay Area, including San Francisco's Embarcadero, Cupertino, and Milpitas, and the bank has three locations in Greater New York, including Sunset Park, Brooklyn, Flushing, and Edison, New Jersey. The bank uses Allpoint as its nationwide ATM network provider.[8]

Canadian subsidiaryEdit

CTBC Bank Corp. (Canada) is a Schedule II bank, mainly operating in Metro Vancouver through three branches in Downtown Vancouver, Richmond, and Burnaby, along with a suburban Toronto branch in Markham.

ReferencesEdit

  1. ^ a b c About Chinatrust, Chinatrust Commercial Bank, retrieved 2011-03-31
  2. ^ Torrijos, Elena R. (2000-11-27), "Taiwan bank buys out local partners", Philippine Daily Inquirer, retrieved 2010-11-30
  3. ^ 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
  4. ^ "Bank to remain listed", Philippine Daily Inquirer, 2000-12-11, retrieved 2010-11-30
  5. ^ http://www.ctbcbank.com.ph/AboutUs/BoardandManagement/En_BoardofDirectors.html
  6. ^ "Chinatrust Philippines nets P234 million", Manila Bulletin, 2010-06-24, retrieved 2010-11-30
  7. ^ Chinatrust Commercial Bank Appoints Noor Menai President & CEO of Chinatrust Bank, BusinessWire, retrieved 2015-04-06
  8. ^ Branch/ATM Locations, Chinatrust Commercial Bank, retrieved 2015-04-06

External linksEdit