Bank of Taiwan Celebrates 68th Anniversary, Fully Promotes Aging Society Financial Services Project

(Taiwan Business News) Bank of Taiwan was established on May 20, 1946, and as of now (2014) has reached 68 years. To celebrate its 68th anniversary and to strengthen the cohesion of Bank of Taiwan staff, the bank held an anniversary celebration conference on May 20, 2014. Specially invited guests included Finance Minister Chang Sheng-ho, heads of peer financial institutions, directors of Taiwan Financial Holdings and the bank, former heads of Bank of Taiwan and the former Central Trust of China, the bank's valued customers, and the chairman of the labor union, who gathered together to witness this memorable day, and Minister Chang of the Ministry of Finance as well as Chairman Tung of Pegatron Technology and other guest representatives were respectfully invited to deliver remarks.

In her remarks, Bank of Taiwan Chairman Lee Chi-chu stated that Bank of Taiwan has witnessed and accompanied Taiwan's economic development throughout, and has stood firm in the face of economic crises and financial storms, and that it is second to none in lending, deposit scale, and syndicated loan business. Therefore, she first specially thanked the wise guidance of former chairmen, the support of loyal customers, and the efforts of all colleagues at Bank of Taiwan and the former Central Trust of China. Because of this foundation, last year our surplus exceeded the budget target and reached a six-year high. In addition, we have received much external recognition, for example being rated by as one of the ten safest banks in Asia and one of the fifty safest banks in the world, and the only one in the country to be selected.

Looking to the future, Lee Chi-chu stated that due to saturation of the domestic market, Bank of Taiwan should expand in several directions. First, accelerate overseas layout and development. In addition to currently preparing to set up branches and representative offices in Australia, India, Myanmar, and elsewhere, Bank of Taiwan is also actively expanding its layout in the mainland. Because state-owned enterprises are limited in how difficult it is to expand overseas scale through mergers and acquisitions, it has instead adopted cooperation with major foreign banks for overseas syndicated loans, using an alternative model to enter the Asian market. Second, actively grasp the pulse of economic and social trends, such as actively grasping the application of technology and mobile payment tools in finance, actively developing offshore renminbi business, and for this reason also establishing a "Mainland Work Group."

At the same time, Bank of Taiwan Chairman Lee Chi-chu places special emphasis on grasping the trends of an aging and low-birthrate society. In the past, when she was at the Financial Supervisory Commission, she specially established an aging insurance section under the Insurance Development Foundation, beginning planning in terms of policy, products, and promotion. After coming to Taiwan Financial Holdings "last year," she further believed that the Taiwan Financial Holdings group is especially suited to developing aging society financial services. First, this comes from the stability and trust that Bank of Taiwan itself gives customers; second, from the attributes of the customer base faced by the Taiwan Financial Holdings group; and third, from the social responsibility of a state-owned enterprise. Therefore, she specially instructed the establishment of the "Taiwan Financial Holdings Group Aging Society Financial Services Project Team." After several months of preparation, it has not only promoted the transformation of Bank of Taiwan Life Insurance and actively developed various insurance products responding to aging, but also actively promoted Bank of Taiwan custodial trusts and related supporting measures, which will be officially launched across the province in September. At this anniversary celebration, Chairwoman Lee specially instructed that a charity sale be held to donate to elderly people with dementia and people in a vegetative state, which also announced the launch of Bank of Taiwan's comprehensive promotion of aging society financial services business.