Shanghai Commercial donates med vehicles
The Shanghai Commercial & Savings Bank (SCSB, ) yesterday held its Centenary Thanksgiving Reception at the Mandarin Oriental Hotel and donated two medical tour vehicles to National Taiwan University Hospital (NTUH), according to a press release of the SCSB.
Presided over by Chairman Yung Hung-Ching ( ), former Vice President Vincent Siew ( ) and former Premier Sean Chen ( ) addressed the reception as honored guests.
During the thanksgiving reception ceremony, Yung donated two medical touring vehicles to NTUH to benefit patients and their families.
Founded in Shanghai in 1915, The Shanghai Commercial & Savings Bank, Ltd. (SCSB) became the only private mainland bank to resume business in Taiwan in 1965.
Through word of mouth regarding the bank’s services and innovation, in less than 20 years of development it became one of the largest private banks in China. For a historical cause, SCSB followed the government to Taiwan. It reregistered in 1954 and set up its head office in Taipei City in preparation for resuming business. After 10 years of dedicated efforts, in June 1965 it officially resumed business on Guanqian Road, Taipei City.
Net Worth Exceeds
SCSB, with start-up capital of only NT$15 million, has been in continual business in Taiwan for 50 years. Now, the bank’s net worth has exceeded NT$110 billion, and its total assets have exceeded NT$1 trillion. It is also worth noting that the most important turning point was in 1983 when then-Vice Chairman Yung steered the bank’s development and actively launched the business strategy of opening new branch offices.
In 1991, Yung led SCSB toward a new milestone by purchasing a new building where the headquarters are located, updating information system equipment, expanding capital scale, implementing public issue of shares and listing as an emerging market company, and deploying within the Asia-Pacific region, thus transforming the bank from a local bank into a regional Asian bank, according to SCSB.
At present, there are 69 branches in Taiwan, overseas branches in Hong Kong and Vietnam, and representative offices in Thailand. The Financial Supervisory Commission has approved SCSB’s application to set up a branch in Singapore and a representative office in Indonesia. In addition, SCSB has also established financing companies in Shanghai through a subsidiary. It has one subsidiary, “Shanghai Commercial Bank Limited,” in Hong Kong, under which are 44 branches situated in the special administrative region. The bank also has branches in London, New York, San Francisco, Los Angeles, Shenzhen and Shanghai, as well as a branch in the Shanghai Free Trade Zone, according to SCSB.
January to May Profit Grows
12.7 Percent Yearly
From January to May this year, SCSB’s profit before tax was NT$5.632 billion, the profit after tax was NT$4.852 billion, with growth rates of 12.4 percent and 12.7 percent, respectively, compared to the same period the previous year. The earnings per share for the first five months were NT$1.28, the nonperforming loan ratio as of the end of May was 0.24 percent with a coverage ratio of 657.38 percent, and the loan provision coverage ratio was 1.55 percent. The capital adequacy ratio was 13.07 percent and the tier 1 capital ratio was 12.23 percent, all of which indicates sound operating profits and financial indicator performance, said SCSB.
Shanghai Commercial & Savings Bank Chairman Yung Hung-ching ( ), center, Managing Director Stephen Ching-yen Lee ( ), left, and Managing Director Y.P. Chen ( ) attend the Centenary Thanksgiving Reception, yesterday.