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Bank SinoPac, or SinoPac Financial Holdings Company Ltd ()(), is a
Bank Sinopac home page
Banks of Taiwan Banks established in 1992 Investment management companies of Taiwan 1992 establishments in Taiwan {{Taiwan-company-stub
Bank SinoPac, or SinoPac Financial Holdings Company Ltd ()(), is a Taiwan
Taiwan, officially the Republic of China (ROC), is a country in East Asia, at the junction of the East and South China Seas in the northwestern Pacific Ocean, with the People's Republic of China (PRC) to the northwest, Japan to the nort ...
-based banking holding company which operates through 22 divisions as well as 125 branches in Taiwan and 3 international branches in Shanghai
Shanghai (; , , Standard Mandarin pronunciation: ) is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flowin ...
, Guangzhou
Guangzhou (, ; ; or ; ), also known as Canton () and alternatively romanized as Kwongchow or Kwangchow, is the capital and largest city of Guangdong province in southern China. Located on the Pearl River about north-northwest of Hong Kon ...
and Chengdu
Chengdu (, ; simplified Chinese: 成都; pinyin: ''Chéngdū''; Sichuanese pronunciation: , Standard Chinese pronunciation: ), alternatively romanized as Chengtu, is a sub-provincial city which serves as the capital of the Chinese pro ...
(as of 2019).
History
The bank was founded by Samuel Yin and Paul Lo in 1992 as Taiwan liberalized its banking regulations. As Taiwan continued to liberalize its financial market, SinoPac acquired asecurities
A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...
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
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...
and major Asia
Asia (, ) is one of the world's most notable geographical regions, which is either considered a continent in its own right or a subcontinent of Eurasia, which shares the continental landmass of Afro-Eurasia with Africa. Asia covers an are ...
n cities; however, SinoPac is unique in its foresight in building on-the-ground business in the US and China. Far East National Bank
Far East National Bank (FENB; ) was founded in 1974 by Henry Y. Hwang as the first federally chartered Asian American bank in the United States. FENB has over 600 employees and total assets exceeding US$1.7 billion. It became a wholly owned subsid ...
, a wholly owned California
California is a state in the Western United States, located along the Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the most populous U.S. state and the 3rd largest by area. It is also the m ...
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. Ho Shou-chuan has not faced legal repercussions.
Current status
SinoPac's total assets stood at about US$40 billion. Its stock is traded on theTaiwan Stock Exchange
The Taiwan Stock Exchange Corporation (TWSE; ) is a financial institution, located in Taipei 101, in Taipei, Taiwan. The TWSE was established in 1961 and began operating as a stock exchange on 9 February 1962. It is regulated by the Financial ...
. Bank SinoPac is a subsidiary of SinoPac Financial Holdings which has a market capitalization of around US$3.4 billion.
See also
*List of banks in Taiwan
This is a list of banks in Taiwan, including the government-owned banks of the Taiwan.
Central Bank
* Central Bank of the Republic of China (Taiwan)
Governmental institutions
Existing National Institutions
* Agricultural Bank of Taiwan
* ...
* Economy of Taiwan
The economy of Taiwan is a highly developed market economy. It is the 8th largest in Asia and 18th-largest in the world by purchasing power parity, allowing Taiwan to be included in the advanced economies group by the International Monetary ...
* List of companies of Taiwan
References
External links
Bank Sinopac home page
Banks of Taiwan Banks established in 1992 Investment management companies of Taiwan 1992 establishments in Taiwan {{Taiwan-company-stub