Shang­hai Com­mer­cial do­nates med ve­hi­cles

The China Post - - TAIWAN BUSINESS -

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

NT$110 Bil­lion

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.

World­wide Branches

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.

Cour­tesy of the Shang­hai Com­mer­cial & Sav­ings Bank

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.

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