The Bank of Taiwan (BOT, , see below) is a

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...

headquartered in

Taipei Taipei (), officially Taipei City, is the capital and a special municipality of the Republic of China (Taiwan). Located in Northern Taiwan, Taipei City is an enclave of the municipality of New Taipei City that sits about southwest of the n ...

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 ...

. It is owned by the

government of Taiwan The Government of the Republic of China, is the Central government, national government of the Republic of China whose ''de facto'' territory currently consists of Geography of Taiwan, Taiwan, Penghu, Kinmen, Matsu Islands, Matsu and List o ...

History

Bank of Taiwan Head Office Building 1940

The Bank of Taiwan was established as

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...

in 1899, during Japanese rule. The bank's creation was authorized in 1897 by the Bank Act of Taiwan which encouraged Japanese enterprises, such as the

Mitsubishi The is a group of autonomous Japanese multinational companies in a variety of industries. Founded by Yatarō Iwasaki in 1870, the Mitsubishi Group historically descended from the Mitsubishi zaibatsu, a unified company which existed from 1870 ...

and

Mitsui is one of the largest '' keiretsu'' in Japan and one of the largest corporate groups in the world. The major companies of the group include Mitsui & Co. ( general trading company), Sumitomo Mitsui Banking Corporation, Nippon Paper Industri ...

Groups, to invest in Taiwan. Extensive cooperation ensued between the

Nippon Kangyo Bank , abbreviated as , was one of the largest banks in the world during the latter half of the 20th century. Dai-Ichi Kangyo Bank was created in 1971 by a consortium of two banks: Dai-Ichi Bank, Japan's oldest bank, and Nippon Kangyo Bank, a state fi ...

and the Bank of Taiwan. A financial crisis facing these banks in 1927 was relieved with assistance from the

Bank of Japan The is the central bank of Japan.Louis Frédéric, Nussbaum, Louis Frédéric. (2005). "Nihon Ginkō" in The bank is often called for short. It has its headquarters in Chūō, Tokyo, Chūō, Tokyo. History Like most modern Japanese instituti ...

. Bank branches were created in other parts of

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 area ...

as the

Japanese empire The also known as the Japanese Empire or Imperial Japan, was a historical nation-state and great power that existed from the Meiji Restoration in 1868 until the enactment of the post-World War II 1947 constitution and subsequent forma ...

expanded, including areas in

China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...

and

Southeast Asia Southeast Asia, also spelled South East Asia and South-East Asia, and also known as Southeastern Asia, South-eastern Asia or SEA, is the geographical United Nations geoscheme for Asia#South-eastern Asia, south-eastern region of Asia, consistin ...

. After the

Japanese surrender The surrender of the Empire of Japan in World War II was announced by Emperor Hirohito on 15 August and formally signed on 2 September 1945, bringing the war's hostilities to a close. By the end of July 1945, the Imperial Japanese Navy ...

in 1945, the ROC government (led by the

Chinese Nationalist Party The Kuomintang (KMT), also referred to as the Guomindang (GMD), the Nationalist Party of China (NPC) or the Chinese Nationalist Party (CNP), is a major political party in the Republic of China, initially on the Chinese mainland and in Ta ...

, or KMT) took over the Bank of Taiwan and began issuing ''Taiwan dollars'', also known as ''Taiwan Nationalist Yuan'', through the Bank of Taiwan. This currency is now referred to as the "

old Taiwan dollar The Old Taiwan dollar was in use from 1946 to 1949, beginning shortly after Taiwan's handover from Japan to the Republic of China. The currency was issued by the Bank of Taiwan. Hyperinflation prompted the introduction of the New Taiwan dollar ...

." Severe inflation of this currency during the

Chinese Civil War The Chinese Civil War was fought between the Kuomintang-led government of the Republic of China and forces of the Chinese Communist Party, continuing intermittently since 1 August 1927 until 7 December 1949 with a Communist victory on m ...

led the Bank of Taiwan to issue the

New Taiwan dollar The New Taiwan dollar (code: TWD; symbol: NT$, also abbreviated as NT) is the official currency of Taiwan. The New Taiwan dollar has been the currency of Taiwan since 1949, when it replaced the Old Taiwan dollar, at a rate of 40,000 old dollars ...

in 1949. After the loss of

mainland China "Mainland China" is a geopolitical term defined as the territory governed by the People's Republic of China (including islands like Hainan or Chongming), excluding dependent territories of the PRC, and other territories within Greater China. ...

in the

by the KMT and its subsequent retreat to Taiwan, the Bank of Taiwan took on a more central role as the central bank of the ROC until the

Central Bank of China Central is an adjective usually referring to being in the center of some place or (mathematical) object. Central may also refer to: Directions and generalised locations * Central Africa, a region in the centre of Africa continent, also known a ...

was reestablished in 1961. The Bank of Taiwan was governed under the

Taiwan Provincial Government The Taiwan Provincial Government was the government that governed Taiwan Province of the Republic of China. Its functions have been transferred to the National Development Council and other ministries of the Executive Yuan. History At the ...

until 1998 when governance was transferred to the ROC Finance Ministry. In 2001 the Central Bank of China took over the task of issuing the New Taiwan Dollar. The Bank of Taiwan currently operates a total of 169 domestic branches as well as branches in

Tokyo Tokyo (; ja, 東京, , ), officially the Tokyo Metropolis ( ja, 東京都, label=none, ), is the capital and largest city of Japan. Formerly known as Edo, its metropolitan area () is the most populous in the world, with an estimated 37.468 ...

Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...

and the

People's Republic of China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...

. Branches have also been established in

New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

Los Angeles Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the largest city in the state of California and the second most populous city in the United States after New York City, as well as one of the world' ...

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

, and

South Africa South Africa, officially the Republic of South Africa (RSA), is the southernmost country in Africa. It is bounded to the south by of coastline that stretch along the South Atlantic and Indian Oceans; to the north by the neighbouring countri ...

. In July 2007, the Bank of Taiwan merged with the Central Trust () as part of a government financial reform package. The bank continues to operate as an independent company taking over some aspects of the Trust's banking business. In January 2008, the Bank became part of the

Taiwan Financial Holdings Group Taiwan Financial Holdings Co., Ltd. () is a Taiwan based state-owned corporation that is the parent holding company of the Bank of Taiwan, BankTaiwan Securities and BankTaiwan Life Insurance. Founded in 2007 and commenced in 2008 through the ...

(), which also contains BankTaiwan Securities and BankTaiwan Life Insurance.

Corporate Structure

Department of Public Treasury, Bank of Taiwan 20101001

Department of Economic Research, Bank of Taiwan 20151206

The Bank of Taiwan currently consists of the following departments of businesses: * Department of Planning * Department of Circulation * Department of Business * Department of Risk Management * Department of Corporate Finance * Department of Public Treasury * Department of Consumer Finance * Department of International Banking * Department of Treasury * Department of Trusts * Department of Electronic Banking * Department of Wealth Management * Department of Credit Management * Department of Government Employee Insurance * Department of Real Estate Management * Department of Procurement * Department of Domestic Operations * Department of Load Assets Management * Department of Credit Analysis * Department of Precious Metals * Department of Accounting * Department of Legal Affairs * Department of Human Resources * Department of Information Management * Department of General Affairs * Department of Economic Research * Department of Ethics * Secretariat

References

External links

The Bank of Taiwan Official Website

{{DEFAULTSORT:Bank Of Taiwan Banks of Taiwan Banks established in 1897 Companies based in Taipei 1897 establishments in Taiwan Government-owned companies of Taiwan

History

Corporate Structure

See also

References

External links