Merger of Taipei Fubon and Jih Sun Bank approved after parent takeover

Taipei Times – Thu, Jan 19, 2023: Taipei Fubon Commercial Bank (台北富邦銀行) has obtained regulatory approval to merge with Jih Sun International Bank (日盛銀行), after parent Fubon Financial Holding Co (富邦金控) completed its acquisition of Jih Sun Financial Holding Co (日盛金控) in November last year.

After the deal takes effect on April 1, Jih Sun International Bank would cease to exist and Fubon would become the nation’s third-largest bank in terms of assets, the Financial Supervisory Commission said on Tuesday.

Taipei Fubon Bank’s assets would expand to NT$4.27 trillion (US$140.77 billion) from NT$3.99 trillion, behind Bank of Taiwan’s (臺灣銀行) NT$5.95 trillion and CTBC Bank Co’s (中信銀行) NT$4.57 trillion, the commission said.

Taipei Fubon and Jih Sun Bank said the merger would provide wider business deployment and allow for better customer services.

They also expect it to help promote resource integration and increase market competitiveness.

Taipei Fubon Bank would retain all employees and 44 branches of Jih Sun Bank, raising its total number of branches to 179, the largest among private banks and the fifth-largest among all banks, Banking Bureau Chief Secretary Hou Li-yang (侯立洋) said.

It would also boost its market shares in the deposit and loan businesses in Taiwan, Hou said.

Taipei Fubon Bank posted a record net profit of NT$22.64 billion last year, up 21 percent year-on-year, thanks to higher fee incomes and investment gains.

However, Fubon Financial’s pre-tax profit of NT$60.6 billion last year fell short of market expectations, as its insurance arm was burdened by COVID-19-related claims, regulatory filings showed last week.

Fubon Financial last week announced that it would recruit 6,500 people to meet increasing demand for the company and its subsidiaries’ services.

The new openings range from overseas business development to information technology and security, data analytics, customer service and risk management, the company said.

The company would also recruit 50 to 60 management associates, it said.

The new hires are to start working in March, it added.

About Calastone
Calastone is the largest global funds network, connecting the world’s leading financial organisations.
Our mission is to help the funds industry transform by creating innovative new ways to automate and digitalise the global investment funds marketplace, reducing frictional costs and lowering operational risk to the benefit of all. Through this, we make investing more accessible, generating the opportunity for the industry to deliver greater value for the investor.

Over 3,500 clients in 54 countries and territories benefit from Calastone’s services, processing £250 billion of investment value each month. Calastone is headquartered in London and has offices in Luxembourg, Hong Kong, Taipei, Singapore, New York, Milan and Sydney.

About WeLab Bank
Welab Bank Limited (“WeLab Bank” or the “Bank”) is the most innovative company named by the Chinese University of Hong Kong. Founded by a team of financial and technology experts, WeLab Bank’s mission is to understand customers’ needs and design a personalized, intelligent banking experience that helps them manage, save and grow their money. WeLab Bank represents a 100% digital banking experience that is simple, intuitive, and built around our customers. It focuses on the powerful mobile app and multiple intelligent banking services, and delivers an innovative banking experience through partnering with reputable brands including Allianz Global Investors, Tesla and Apple Authorized Resellers.

WeLab Bank is a wholly owned subsidiary of WeLab Holdings Limited (“WeLab”), a leading pan-Asian fintech platform. WeLab provides a wide range of digital financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with more than 55 million individual users and over 700 enterprise customers. In Hong Kong, one in 4.3 tech-savvy young adults is a WeLab user, reflecting WeLab being the preferred fintech partner in the market.

WeLab is backed by the most renowned investors including Allianz, International Finance Corporation (a member of the World Bank Group), Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, and Sequoia Capital.

Image by: Pixabay

Related Articles

No results found.

Shopping Cart

Media Kit

    Data Protection

    The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

    The Digital Banker Summit

    Moving on from FTX: is 2023 the year of CBDCs?

    Indonesia, Jakarta

    Thailand, Bangkok

    Philippines, Manila

    Contact Us

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Request Nomination Pack

        Data Protection

        The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

        Registration Form

          Data Protection

          The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

          Registration Form

            Data Protection

            The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

            Registration Form

              Data Protection

              The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

              Registration Form

                Data Protection

                The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                Registration Form

                  Data Protection

                  The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                  The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

                  COVID-19
                  Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

                  Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

                  The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

                  Request Nomination Pack

                  Error: Contact form not found.