Bank of Taiwan and Northern Trust Sign Memorandum of Understanding

(Taiwan Commercial News) Bank of Taiwan and The Northern Trust Company of the United States held their first joint strategy meeting and memorandum of understanding signing ceremony on the 21st at the W Hotel on Section 5, Zhongxiao East Road, Taipei. Through business cooperation, the two banks hope to combine each other's niches and advantages in the domestic custody and global custody markets, and jointly deepen the offshore asset custody business for Taiwan-capital outsourcing operations.

Bank of Taiwan is a leading domestic bank in offering custody services. After more than 30 years of dedicated operation, it has established a solid foundation for development, and its professionalism and service quality are deeply recognized by the market. It has also been selected as a custodian bank for government funds. Bank of Taiwan (formerly the Central Trust of China) was the first to offer custody services for foreign investment assets in Taiwan in the 80th year of the Republic of China, when the government opened up direct foreign investment in the domestic securities market. It is also the largest non-foreign bank among domestic institutions that has so far provided sub-custody services in Taiwan for international custody institutions.

At present, the bank's custody business product line is complete, and its total custody assets under management reach NT$1.4 trillion. In addition, in mid-March this year, the bank was invited to join the International Securities Service Association (ISSA) as a member. By actively participating in the association, the bank aligns its custody business with international standards and enhances its visibility in the global custody industry.