Bank SinoPac

Bank SinoPac, or SinoPac Financial Holdings Company Ltd (TWSE: 2890)(Chinese: 永豐金融控股公司; pinyin: Yǒngfēng Jīnróng Kònggǔ Gōngsī), is a Taiwan-based banking holding company which operates through 22 divisions as well as 125 branches in Taiwan and 3 international branches in Shanghai, Guangzhou and Chengdu (as of 2019).[1]

Bank SinoPac
永豐金融控股股份有限公司
TypeCorporation
IndustryBanking
Founded1992 (1992)
HeadquartersTaiwan
ProductsFinancial services
Total assetsUS$120 billion
Total equityNT$110.600530450 billion
Subsidiaries永豐商業銀行
永豐金證券
永豐金租賃
永豐客服科技
永豐創業投資
永豐證券投資信託
Websitewww.sinopac.com
Songshan Operation Building, Bank SinoPac

History

The bank was founded by Samuel Yin and Paul Lo in 1992[2] as Taiwan liberalized its banking regulations. As Taiwan continued to liberalize its financial market, SinoPac acquired a securities business from the Hong family of local fame in early 2000s. In late 2005, SinoPac merged with the International Bank of Taipei(IBT). SinoPac, like many other Taiwanese financial institutions, has branches and operations in the United States and major Asian cities; however, SinoPac is unique in its foresight in building on-the-ground business in the US and China. Far East National Bank, a wholly owned California chartered bank was acquired in 1997; SinoFirst, located in Shanghai, China, was acquired in late 1990s.

In 2017, Taiwan's banking regulator, the Financial Supervisory Commission, ordered SinoPac chairman Ho Shou-chuan to step down following revelations he extended generous loans to "an offshore company with no real operations with high investment by the Yuen Foong Yu Group" which was controlled by SinoPac's founding Ho family.[3][4] Ho Shou-chuan has not faced legal repercussions.[5]

Current status

SinoPac's total assets stood at about US$40 billion. Its stock is traded on the Taiwan Stock Exchange. Bank SinoPac is a subsidiary of SinoPac Financial Holdings which has a market capitalization of around US$3.4 billion.

See also

References
  1. "Corporate Profile". bank.sinopac.com. Retrieved 2021-04-01.
  2. "Bank SinoPac". www.taiwanresearch.com. Retrieved 2021-04-01.
  3. Hioe, Brian (2017-06-28). "Bank SinoPac Scandal Illustrates Murkiness, Corruption In ROC Financial Institutions". New Bloom Magazine. Retrieved 2021-04-01.
  4. "SinoPac Financial reviewing its lending - Taipei Times". www.taipeitimes.com. 2016-12-20. Retrieved 2021-04-01.
  5. "SinoPac Financial confirms change in top management - Taipei Times". www.taipeitimes.com. 2017-05-26. Retrieved 2021-04-01.


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